Gov’t actions credited for drop in rice prices

An official from the Philippine Statistics Authority (PSA) said government efforts, including President Ferdinand Marcos Jr.’s order to cut rice import tariffs, helped ease rice price inflation.

“Naniniwala po kami na malaki iyong naging epekto ng ginagawa ng gobyerno para sa pagbaba ng inflation ng bigas or iyong pagbaba ng presyo ng bigas,” PSA Assistant National Statistician Rachel Lacsa said in a Palace briefing on Wednesday, May 7.

She noted that the current maximum suggested retail price (MSRP) is P45 per kilo, with many provinces now selling rice at that price—or even lower—compared to previous months.

Marcos Jr. signed Executive Order 62 on June 29, 2024, lowering import duties on select goods to curb inflation and protect the peso’s value.

Lacsa said overall inflation is also expected to drop if rice prices continue to decline.

In March, the Department of Agriculture (DA) cut the MSRP for imported rice to P45 per kilo, following a drop in global prices. This move led to a sharp decline in rice prices without major disruption to the local rice industry.

The initiative and other DA-led options helped push rice prices down by 7.7% in March and another 10.9% year-on-year in April.IMT