NEDA OKs recommendation to reduce imported rice tariffs
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00:00Not all is kumbaya over the latest tariff rate slashed of 57% on imported rice.
00:06Presidential sister and Senator Aimee Marcos and a number of farmer groups are pushing back on the latest approved law.
00:12Nearly all the country's economic managers have endorsed to eventually and substantially bring down rice prices.
00:19And Neta chief Arsenio Balisacan's latest announcement to the public,
00:23not to expect substantially discounted rice prices is worrisome, as our Claizel Pardilia reports.
00:31What are we doing? Half a kilo of rice, half a kilo of rice, so that we can survive.
00:42This is how Richie budgets for rice. His earnings as a tricycle driver can only stretch so far.
00:49According to the Department of Agriculture's price monitoring, the price of imported rice ranges from Php 49 to Php 65 per kilogram.
00:59The cheapest local rice is at Php 45, while the most expensive is at Php 66.
01:05Some business owners find the high capital requirements unbearable.
01:10The amount of rice we used to be able to buy per sack is now just a few.
01:15If you were able to buy 10 sacks of rice, now you can only buy 7.
01:21The price of rice is so high, the price of rice is increasing.
01:26To lower the price of rice, the National Economic and Development Authority has approved the recommendation to reduce tariffs on imported rice.
01:35From 35%, the tax has been slashed to 15%.
01:40The Agriculture Department expects reduction in tariffs will translate into tangible benefits for consumers.
01:47Imported rice prices are projected to decrease by Php 6 to 7 per kilogram,
01:53offering much-needed relief to Filipino families grappling with the strain of inflationary pressures.
01:59The DA is hopeful that the decision to substantially reduce duties on imported rice will drive down the obvious retail prices of our rice.
02:12The rice that came from Vietnam took two to three weeks to arrive.
02:18We can expect it to arrive by August.
02:22However, several farmer groups have voiced their opposition to the tariff reduction, claiming it was implemented without proper consultation.
02:31Their concern lies in the potential drop in the price of palay, or unhusked rice.
02:36They worry on reduced revenues from tariffs on imported rice, which is utilized to support farmers, will consequently shrink.
02:45One estimate is the palay price can go down by about Php 4 to Php 5 per kilo because of this tariff reduction on rice.
02:56Surely the price of palay will decrease because of the effect of imported rice.
03:03But there is no assurance that the price of rice will decrease because sometimes the difference is calculated by importers and traders.
03:13But they never look at what will happen to farmers.
03:16Senator Aimee Marcos also strongly opposed the tariff reduction.
03:21She argued that it would inevitably lead to imported products dominating local markets.
03:27She expressed her firm disapproval of this measure, emphasizing her inability to support such a move.
03:34Senate President Chiz Escudero, on the other hand, is optimistic this measure will aid in slowing down the rapid rise in prices of commodities in the country.
03:44I am in favor because the biggest reason why inflation is increasing in our country, primarily, is the increase in the price of food and rice.
03:57If we can bring this down, it will have a big positive effect on our economy.
04:03The Philippine Statistics Authority reports that price of rice is falling in the international market.
04:09So we would be expecting reduction in the price of rice, reduction in the rice inflation.
04:13Kalaysal Pardilya for the new and better Philippines.