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Manila Bulletin devider Business devider DA chief says tariff cut not spurring rice imports

DA chief says tariff cut not spurring rice imports

Tiu Laurel: 4.7-million metric tons importation unlikely

Published Jul 23, 2024 07:08 am

The Department of Agriculture (DA) stated that President Marcos' move to lower rice import tariffs is not causing an increase in the country's rice imports.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said that rice importation is demand-driven, emphasizing that the Philippines would not source rice from overseas, even with zero tariffs, if there is a sufficient domestic supply.

“The only reason for an increase in importation is due to demand, not a lowering of tariff,” Tiu Laurel said during the 2024 Post-State of the Nation Address (SONA) Discussions on Tuesday, July 23.

Tiu Laurel's statement follows the adjustment by the US Department of Agriculture (USDA), which raised its rice import forecast for the Philippines this year to 4.7 million metric tons (MT) from the previous estimate of 4.6 million.

The USDA attributed the increase in rice imports primarily to the impact of reduced tariffs on the commodity.

Tiu Laurel said that he was surprised to hear that the USDA had raised its forecast as a result of the tariff cuts.

“The first estimate of USDA was four million metric tons; I was actually surprised that it increased to 4.7 million,” he said. “I don’t think we will 4.7 million.”

Data from the Bureau of Plant Industry revealed that as of June 6, rice imports totaling 2.17 million metric tons had already been recorded, with the majority (1.59 million metric tons, or 73 percent of the total) originating from Vietnam.

Government projections suggest that the retail price of imported rice is expected to see a decrease of P6 to P7 per kilogram starting in August, following the implementation of reduced tariffs on the staple.

Shipments of rice with reduced tariffs are scheduled to arrive in the country in July.

Forecasts for the retail prices of imported rice are based on estimates provided by the Philippine Statistics Authority (PSA).

Related Tags

Rice importation Department of Agriculture
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