One of the biggest consumers of rice globally, the Philippines, has announced a reduction in import taxes on rice from 35% to 15%, which will take effect in early August and last until 2028.
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Reduction Of Rice Import Duties By Philippines
This is arguably the latest move taken by the Philippine government to combat inflation, particularly the rise in rice prices so far this year.
The Philippines' economy was relatively stable in the first quarter of 2024, with the exception of a few staple consumer goods seeing price increases, most notably rice, which saw an increase of roughly 24.4%. The cost of rice makes up about 9% of the nation's Consumer Price Index (CPI) in Southeast Asia.
Over 80% of all rice imported into the Philippine market comes from Vietnam, according to the Vietnam Trade Office in the Philippines, which is also the country's biggest buyer to date.
As of May 23, Vietnam's rice exports to the Philippines totaled 1.44 million tons, or 72.9% of the nation's total rice imports. Vietnamese rice is predicted to have more market opportunities as a result of the Philippines' reduction of the import tax on rice.Latest data from the Department of Agriculture's Bureau of Plant Industry, the Philippines' total rice imports rose by 20.3% to 1.97 million tons in the reviewed period. The country's total rice imports are estimated to reach about 4 million tonnes in 2024.
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