DTI-6 monitors rice prices amid tariff cut

By Rjay Zuriaga Castor

Prices of rice across regional markets are being closely monitored and assessed to address the potential impact of tariff reductions on imported rice, in accordance with Executive Order (EO) 62.

Grace Benedicto, Consumer Protection Division chief of the Department of Trade and Industry Western Visayas (DTI-6), said they started their rice price monitoring effort on July 8.

“Before we implement the EO, we are still getting the baseline data on current rice prices,” Benedicto said on Monday, July 15.

Benedicto noted that they have so far monitored 29 establishments across the region selling rice that is either regular milled, well-milled, or special premium.

EO 62, issued on June 29, ordered the modification of nomenclature and tariff rates on various imported agricultural products, including rice, for the period 2024-2028.

“An updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities,” read a part of the EO.

Specifically, the EO has lowered the tariff on imported rice from 35 percent to 15 percent effective July 5.

Benedicto stated that their monitoring in markets will also indicate whether the rice product is local or imported and their sources.

“We are not limiting our monitoring per kilogram. We are also monitoring those that are 5, 10, or 25 kilograms,” she added.

“Hopefully, it will reduce the prices, especially for our imported rice. We will check that after the EO takes effect,” Benedicto said.

The price monitoring initiative of DTI will cover retail markets, including supermarkets, hypermarkets, and grocery stores, while wet markets will be under the Department of Agriculture’s (DA) purview.

“The DTI and DA will work together to monitor the prices of rice in supermarkets, hypermarkets, and grocery stores,” she added.

Benedicto also urged rice retailers to be aware of the new EO and to know their suppliers.

DTI-6 stated it is working closely with DA to monitor compliance with the EO and the Price Act or Republic Act 7581.Top of Form