Rice prices decline 2.3% year-on-year in Jan

Rice prices in the Philippines continued to decline in January 2025, marking a year-on-year deflation of -2.3%, the first such contraction since December 2021.

The Philippine Statistics Authority (PSA) reported this trend aligns with expectations due to base effects and reduced rice import tariffs, which have been crucial in stabilizing price spikes.

Executive Order No. 62, issued in June 2024 by President Ferdinand Marcos Jr., lowered the tariff rate for imported rice from 35% to 15%, contributing significantly to the decline.

Despite the price drop, the Department of Agriculture (DA) declared a food security emergency on rice, allowing the National Food Authority (NFA) to sell buffer stocks at P35 per kilo to stabilize retail prices.

The DA also set a new maximum suggested retail price for imported rice at P55 per kilo, down from P58 per kilo, as part of efforts to ensure stable and affordable rice prices.

DA spokesperson Assistant Secretary Arnel De Mesa noted that the government's interventions have helped ease inflation levels, with peak rice inflation reported in March 2024 at 24 percent.