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On September 26, the Office of the President of the Philippines said that President Ferdinand Marcos Jr. rejected the proposal to reduce rice import tariffs.
The decision was made after a meeting of economic and agricultural officials held the same day. Mr. Marcos explained that rice import tariffs are usually reduced when rice prices increase, and said that now is not the time to reduce tariffs because world rice prices are forecast to decrease.
Previously, the Ministry of Finance and the Ministry of Economic Planning proposed reducing rice import tax from the current 35% to around 0-10% as the Government seeks ways to reduce inflationary pressure.
Last week, Thai and Vietnamese rice export prices fell from recent highs, while the Indian government’s restrictions on rice exports slowed the activity. However, experts say prices are unlikely to fall further due to tight supplies and high import demand.
According to President Marcos, the government will maintain the ceiling imposed on retail rice prices until it is no longer necessary and will carefully study the removal of this ceiling later.
The Philippines is one of the world's largest importers of grain.
According to Tin Tuc newspaper