The Philippine Rice Industry Stakeholders Movement (PRISM) said it expects rice prices in the market to range from P42P46 per kilogram as a result of the reduced rice tariffs.
President Marcos recently formalized the reduction in rice tariffs to 15 percent from the present 35 percent through Executive Order (EO) 62. Under the EO, the tariff cut would take effect on July 5, 2024.
PRISM is a group composed of various players in the rice industry from seed growers, farmers, millers to traders, importers and retailers.
"This is one of the things that we would do so that the markets would feel the effect of EO 62. We expect rice prices to be between P42 and P46 per kilogram this July," said Orly Manuntag, co-founder of PRISM and spokesman of the Grains Retailers Confederation of the Philippines.
Retail prices of rice currently range between P52 and P55 per kilogram.
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