The Philippine Statistics Authority (PSA) estimated that the decrease in rice tariffs from 35 percent to 15 percent could potentially reduce rice prices by P6 to P7 per kilo.

In a briefing on Wednesday, June 5, PSA Undersecretary Claire Dennis S. Mapa said that these estimates were made taking into account the prevailing foreign exchange rate and the reduction in tariffs.

“We just look at the exchange rate now and then the tariff reduction and the others, of course, are assumed constant. So that's why we are looking at mga P6 to P7 pesos per kilo (reduction),” Mapa said.

However, he noted that this is just the initial calculation and they would validate the estimates once they got the survey from the retail prices.

“But of course, in terms of the actual impact dun sa retail prices, we will still rely on the survey data,” he added.

Rice remained the largest contributor to the inflation of all income and the bottom 30 percent households, sharing 1.7 percentage points or 43 percent and 3.7 percentage points or 69 percent, respectively.

Headline inflation quickened for a fourth-straight month in May to 3.9 percent from 3.8 percent, while for the bottom 30 percent, inflation stood at 5.3 percent.

Rice inflation, on the other hand, grew at a slower pace to 23 percent from 23.9 percent as global prices declined in recent months.

The average price per kilo of regular milled rice in May stood at P51.25 from P51.3 per kilo in April.

Well-milled rice dropped to P56.42 per kilo last month from P56.6 per kilo as special rice also declined to P64.41 per kilo from P64.68 per kilo.

Aside from rice, the National Economic and Development Authority Board, chaired by President Ferdinand Marcos Jr., also approved the extension until 2028 of the reduced tariff rates on corn, pork, and mechanically deboned meat under Executive Order 50 series of 2023.