The public has greater access to affordable quality rice a year after the implementation of the “game-changing” rice tarrification law, the country’s economic team said yesterday.
Trade and Industry Secretary Ramon Lopez said prices of National Food Authority rice have fallen to as low as P27 per kilo while commercial varieties have dropped to P34 from a high of P50 last year.
The drop in rice prices and farmers’ enhanced productivity are among the reforms resulting from the rice tarrification law signed by President Duterte last year, according to Lopez.
“I also call it game changing because while we are able to allow freer importation of rice to ensure abundant supply of rice, we can keep prices low and with that we were able to see huge benefit for consumers,” he said.
“But more than that, this is a law that also benefits iyong farmers. Because as mentioned, the revenues coming from the tariff payments are being converted directly for farmers,” he added.
Lopez said they have observed “rice deflation” or the drop in prices of the staple in recent months. The rate has dropped to negative 6.5 percent for the month of January.
“We continue monitor rice section of the groceries and markets. Last week, we saw the range in the Mega-Q Mart, former Nepa-Q mart, rice is sold between P34 to P36 per kilo. In another place I visited last week, rice is sold at P38 per kilo” he said.
“There’s a P34 per kilo where you have to buy 10 kilos get them for P34 per kilo. It means the public has options in availing of cheaper rice. There is greater rice supply. NFA also sells P27 per kilo and P32 per kilo,” he added.
Republic Act No. 11203, signed by the President in February 2019, lifts import restrictions on rice and instead imposes tariff system in a bid to boost supply of rice in the country. The law paved the way for the influx of cheaper rice imports but caused local palay prices to drop that affected farmers’ income. (Genalyn Kabiling)
