P42/kilo rice possible as tariff cut takes effectIndustry group expects rice prices to range from P42 to P46 per kilogram this July as a result of the reduced rice tariffs. MANILA, Philippines — Some retailers in the country vowed yesterday to sell rice for as low as P42 per kilogram beginning next month once the reduced tariff rates on imported staple takes effect. The Philippine Rice Industry Stakeholders Movement (PRISM) said it expects rice prices in the market to range from P42-P46 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.

Source: Philippine Star June 25, 2024 03:55 UTC