ILOILO City – The Department of Trade and Industry (DTI), in collaboration with the Department of Agriculture (DA), has commenced monitoring rice prices in hypermarkets, supermarkets, and grocery stores across Western Visayas.
The price watch is part of a broader effort to assess the impact of the recently implemented tariff reduction on imported rice as stipulated in Executive Order (EO) 62.
To lower rice prices, President Ferdinand “Bongbong” Marcos Jr.’s EO 62 mandates a significant cut in the tariff on imported rice, reducing it from 35 percent to just 15 percent. This measure also affects other agricultural commodities.
Grace Benedicto, chief of the Consumer Protection Division at DTI Region 6, reported that approximately 29 establishments have been evaluated so far, with expectations for increased monitoring in the coming days.
DTI’s surveillance focuses on gathering baseline prices per kilogram, per sack, and per 25 kilograms for well-milled, regular milled, and special premium rice, both local and imported.
Current prices range from P52 to P59 per kilogram for regular milled rice and up to P62 per kilogram for well-milled rice.
Benedicto said that while initial monitoring targets baseline prices, subsequent checks will determine any price changes following the tariff reduction, which took effect last week.
“If the tariff on imported rice is reduced by 15 percent from 35 percent, we anticipate corresponding price changes,” Benedicto explained.
The DTI is primarily assisting in price monitoring, with the DA taking the lead in regulating prices in wet markets and other retail outlets outside these markets. Any non-compliance with EO 62 discovered by DTI will be referred to the DA for appropriate actions.
Benedicto urges rice sellers to stay informed about the implementation of EO 62, particularly regarding the reduced tariff on imported rice, and to verify whether the rice sold is imported or local, as this could influence future price adjustments.
Last month, DA Assistant Secretary Arnel de Mesa projected a decrease in rice prices by P6 to P7 in the upcoming months due to the early implementation of the lowered rice tariff.
President Marcos issued EO 62 on June 29, which modifies nomenclature and tariff rates on various products to ensure a continuous supply of goods and protect the purchasing power of the Filipino people. The tariff reduction specifically for rice will be effective 15 days post-publication, around July 6, while other commodities will see changes 30 days after publication.
DTI Secretary Fred Pascual emphasized the importance of these measures, stating, “Recognizing rice as a staple in the Filipino diet, DTI is committed to rigorous monitoring and analysis of rice price fluctuations. These data-driven reports will help policymakers ensure stable rice supply, distribution, and pricing.”/PN
