PH Finance Department Estimates That Rice Prices Will Decrease By P7 Per Kilo

Rice is a staple food in most Asian countries especially in the Philippines. It does not need to have a luxurious price tag because it is a basic need and technically, rice comes from the farms of our native farmers. 

For average Filipinos with average income, having to bring down the price of the rice a little bit would mean so much, given that more of their hard-earned money will be covering a lot of their other necessities.

Fortunately, under the administration of the current President Rodrigo Duterte, the prices for the Filipino primary meal essential, rice, will be decreased by seven (7) pesos per kilo as estimated by the Finance department. 

This is because the quantitative restrictions or QR has been lifted. According to the Department of Finance (DOF) Undersecretary Gil Beltran, 35% import cost on rice would bring in more rice in the country which would increase the availability of  cheaper rice in the market.

The QR has expired last June 30, and was not renewed. The lifting is predicted to save 730,000 poor Filipinos who are said to spend 20% of their earnings to buy rice to feed their families. According to DOF, the tariffication will generate around 27.3 billion which can be used to fund projects of social protection for palay productivity.

The news generated various reactions from the netizens.

Edgar Plaza asked in a Facebook comment, “Paano ang mga farmers nyan.. papatayin nyo? Ang mahal ng abuno medesina at bayad sa pagpapatanim.. paano makabawi ang mag sasaka nyan?”

A few more netizens raised the awareness of high prices in the rice production itself that nothing is left for the local farmers. 

However, the president was praised by many for the initiative of allowing such decrease.

In terms of rice or palay production, Philippines rank 4th among Asian countries who also has agriculture. These are Vietnam, Thailand, India, China, and Indonesia. 

Source: Facebook