The Philippines is considering options other than a price ceiling to tackle high rice prices, the country’s National Economic and Development Authority (NEDA) has said.

NEDA Secretary Arsenio Balisacan and Secretary of Finance Benjamin E. Diokno recently proposed to temporarily slash the tariff rate of 35% on rice from ASEAN countries and those receiving the most-favoured-nation (MFN) treatment to about 0% – 10%.

Balisacan stressed the need to temporarily cut tariffs amid surging global prices to prevent adverse impacts on retail, wholesale, and farm prices.

He noted NEDA will discuss other options to reduce rice prices with President Ferdinand Marcos Jr. instead of imposing a price ceiling. The price ceiling ordered by the President is just temporary as the Government has to seek better options.

NEDA is keeping a close watch on global rice prices and the export volumes of big exporting countries. The recent rice export ban of India and the pressure from major exporting countries like Vietnam and Thailand have boosted global prices. The El Nino phenomenon has also possibly contributed to the price hike, according to the official./.

Source: Vietnam News Agency