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Manila Bulletin devider Business devider Banking & Finance devider BSP supports rice import tariff cut to control inflation

BSP supports rice import tariff cut to control inflation

Published Jul 5, 2024 03:38 am

The Bangko Sentral ng Pilipinas (BSP) said the decrease in the tariff on rice imports would help mitigate supply-related inflationary forces and sustain the disinflation trajectory.

In a statement on Friday, July 5, the BSP said it supports President Marcos’ executive order (EO) no. 62, lowering the tariff on rice imports from 35 percent to 15 percent. 

“The Monetary Board supports the National Government’s implementation of the reduction in the tariff on rice imports to address supply-side pressures on prices and sustain the disinflation process,” the BSP said.

The central bank’s statement comes a day after farmer groups asked for a temporary restraining order (TRO) from the Supreme Court (SC) to halt the EO.

The farmers argued that the EO did not follow the prescribed procedure for reducing tariffs as outlined in the customs modernization law.

The petition also emphasized that farmers are entitled to constitutional safeguards against unjust competition and trade practices.

Executive Order No. 62 was endorsed based on the suggestion of the National Economic and Development Authority (NEDA) and subsequently implemented by the Tariff Commission.

The inflation rate for rice, which had been a factor in the recent increase in inflation, decreased to 22.5 percent last month from 23.0 percent in May.

Headline headline inflation stood at 3.7 percent last month, falling within the BSP's projected range of 3.4 percent to 4.2 percent.

“The latest inflation outturn is consistent with the BSP's latest outlook that inflation will settle within the target range for 2024-2025 with inflation expectations remaining well-anchored,” the BSP said.

The central bank noted that the balance of risks to the inflation outlook has shifted to the downside for 2024 and 2025 due largely to the impact of lower import tariffs on rice under Executive Order (EO) 62 (Series of 2024),” the central bank said.

“Nonetheless, higher prices of food items other than rice, transport charges, and electricity rates continue to pose upside risks to inflation,” it added.

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Inflation rate Bangko Sentral ng Pilipinas (BSP)
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