Speaker Martin Romualdez yesterday expressed gratitude to a group of local rice traders who signified their commitment to help the administration of President Ferdinand Marcos Jr. lower the price of rice by as much as P9 per kilo by July this year, a press release from the House of Representatives said.
The group of rice traders estimates that rice prices will drop to between P42 and P49 per kilo in the markets next month, acknowledging that the savings from the tariff reduction will be passed on to consumers.
Specifically, they predict the following prices by July and August:
P45 to P46 per kilo: Well-milled rice, 25 percent broken, typically consumed by ordinary Filipinos.
P47 to P48 per kilo: Premium rice, 5 percent broken, usually consumed by the middle class.
The traders’ group, called Philippine Rice Industry Stakeholders Movement (PRISM), is represented in the meeting with the Speaker, its founder and lead convenor Rowena Sadicon and co-founder Orly Manuntag, also spokesperson of GRECON (Grain Retailers Confederation of the Philippines).
Also present at the meeting were National Food Authority (NFA) Officer-in-Charge (OIC)-Administrator Larry Lacson, House Committee on Appropriations Chairman Zaldy Co, House Committee on Agriculture and Food Chairman Mark Enverga, and Deputy Majority Leader Erwin Tulfo.
During the meeting, Sadicon and Manuntag informed Speaker Romualdez that their group is heeding the call of President Ferdinand R. Marcos, Jr. and the Speaker for a whole-of-nation approach to bring the price of rice down and make quality rice affordable and available to all Filipinos.
Sadicon and Manuntag said their members were in agreement to help the Marcos administration lower the price of rice as soon as the reduction of tariff on imported rice takes effect.
Since rice prices surged above P50 per kilo last year, the government has been actively seeking solutions to make rice more affordable. Efforts have included exploring policy adjustments, engaging with industry stakeholders, and implementing market-stabilizing programs.
Romualdez personally inspected warehouses last year to locate stockpiled rice. His hands-on approach aimed to uncover hoarded supplies that could be released to alleviate shortages and reduce prices.
President Marcos recently issued Executive Order No. 62, reducing the tariff on imported rice from 35 percent to 15 percent. Speaker Romualdez reiterated that the reduction in the import levy and the government’s direct sale of imported rice through Kadiwa centers should substantially lower the retail price of rice.
Even before the issuance of the presidential directive, Romualdez met with key government agencies and stakeholders to develop a comprehensive strategy to address high rice prices. He expressed confidence that lower tariffs would lead to lower prices for imported rice, with these savings being passed on to consumers.
The Speaker also assured local farmers of continuing government support to improve their productivity as there are sufficient revenues to implement these programs. According to Rep. Co, about P22 billion under the Rice Competitiveness Enhancement Fund is available for this purpose.
Likewise, he cited long-term government programs to spur local rice production, such as solar irrigation, fertigation, and convergence of flood control funds for multi-use such as irrigation, hydro-power and bulk water, among others.
In addition, Lacson said the NFA continues to purchase rice from local farmers at competitive prices, ranging from P29 to P31 per kilo to cushion any possible adverse impact of cheaper imports.*
