Daily Tribune‘Based on the initial forecast of the Philippine Statistics Authority (PSA), we expect to see the price of imported rice decrease from P6 to P7 because of this tariff reduction.’
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The executive order modifying import duty rates of various commodities would reduce imported rice prices by P6 to P7, the Department of Agriculture (DA) said on Saturday.
“We expect, based on the initial forecast of the Philippine Statistics Authority (PSA), that the price of imported rice would decrease from P6 to P7 because of this tariff reduction,” DA Assistant Secretary Arnel de Mesa said in a news forum in Quezon City.
On 29 June, President Ferdinand Marcos Jr. issued Executive Order (EO) 62, directing nomenclature and tariff rates on various products to ensure a continuous supply of goods and to protect the purchasing power of the Filipino people.
De Mesa said the validity of the EO 62, the tariff reduction for rice would be implemented earlier on 6 July, or 15 days after its publication, while tariff reduction for commodities will take effect 30 days after its publication.
Arrivals within August
“So, if it becomes effective on July 6, we can expect arrivals within August if such a new tariff scheme for rice is applied immediately,” he added.
Under the order, several commodities such as animal products, plants, pharmaceutical needs, chemicals, etc. would be subject to the Most Favored Nation (MFN) rates of duty, or what other countries vowed to impose on imports from other World Trade Organization members.
Executive Order 62 acknowledges the need for a new multi-year and comprehensive tariff schedule that will provide a transparent and predictable tariff structure.
It allows businesses to engage in medium-to long-term planning to improve productivity and competitiveness, facilitate trade, and enhance consumer welfare.
The order also stated that the implementation of an updated comprehensive tariff schedule “aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos.”
