By Marita Moaje

MANILA – The Department of Agriculture (DA) on Wednesday announced a price cut for rice sold under the Rice-for-All program to PHP42 per kilo from PHP43.

In a press release, Agriculture Secretary Francisco Tiu Laurel Jr., attributed the price cut to the recent tariff cut on imported rice and a decrease in global rice prices.

“The reduction would have been bigger if not for the impact of the peso’s depreciation to PHP58 to a U.S. dollar from PHP48 at the start of the year,” he said.

However, he noted that further adjustments to the Rice-for-All price might be possible, depending on global price trends and the peso-dollar exchange rate.

The Rice-for-All program is accessible to all consumers, with no purchase limits, unlike the PHP29 per kilo rice, which is reserved only for vulnerable groups, including senior citizens, persons with disabilities, solo parents, and low-income families, with a monthly cap of 10 kilos per beneficiary.

The price cut follows President Ferdinand R. Marcos Jr.’s decision to reduce the tariff on imported rice from 35 percent to 15 percent, effective July, in a bid to lower rice costs.
Rice remains the country’s main food staple with the average consumer spending around 10 percent of their budget on rice.

For lower-income households, especially those in rural farming and fishing communities, rice expenditures can take up as much as 20 percent of their budget.

The DA’s price reduction is expected to provide relief to consumers nationwide, supporting efforts to ensure access to affordable rice for all Filipino households. (PNA)

Published Date: November 13, 2024