Lower tariff on rice kept despite price decline By Samuel P. Medenilla
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HE government has maintained the lower tariff on rice despite the drop in the average market price of the local food staple this month amid the ongoing harvest season. As of Monday morning, Palace Press Officer Claire Castro said the National Economic and Development Authority (Neda) and the Department of Agriculture (DA) are still reviewing if the rice tariff rate will be maintained or finally be raised. “For now, I don’t have any details [about their recommen-
dations] at this time,” she said in Filipino when asked if both agencies already submitted recommendations related to Executive Order No. 62 to the Office of the President (OP) for consideration. EO 62 reduced the tariff on rice from 35 percent to 15 percent as part of the government’s efforts to stabilize the price of the local food staple. Neda is required to conduct a review on the said tariff rate every four months since EO 62 took effect in 2024. Last month, Agriculture Secretary Francisco Tiu-Laurel, Jr. said he will propose to the Office of the President to raise the rice
tariff as demanded by local farm groups if the retail price for rice drops to P42 to P45 per kilo. Local farmers opposed the lower tariff during the harvest season since it will bring down their profit. “The harvest season may be near. So that it [lower tariffs] will not have a significant impact on our farmers, it will undergo a review,” Castro said. Based on the price monitoring of the agency in markets in Metro Manila, the average price for well-milled rice reached P46.84 per kilogram (kg) and regular milled at P40.72 per kg from the last week of February to early this month.
It started on a downward trend this month when the average price for local well milled rice dropped to P46.40 per kg and regular milled to P40.51 per kg from March 10 to 15. As of March 17 to 22, well milled rice was at 45.97 per kg and regular milled at P40.58 per kg. The average price of imported well milled rice and regular milled rice also decreased to P44.55 per kg and P40.34 per kg, respectively from the P45.49 per kg (well milled) and P41.77 (regular milled) in the third week of February. The DA attributed the trend to the decline in the international price of rice this month.
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JAPAN GIVES PHL ₱65.4B IN NEW PROJECT FUNDS T
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By Reine Juvierre S. Alberto @reine_alberto
HE Department of Finance (DOF) secured a total of P65.43 billion from the Japanese government to accelerate the rollout of Japan-supported projects in the Philippines. Finance Secretary Ralph G. Recto said in a statement that funding for big-ticket infrastructure projects and budget support for health and climate change initiatives were secured from Japan on Monday, March 24. About P17.67 billion or (JPY 46.34 billion) was extended by the Japanese government to finance the construction of the 45.5-kilometer four-lane bypass road under the Davao City Bypass Construction Project (III). A P17.45-billion financing (JPY 45.76 billion) was also given to the Pasig-Marikina River Channel Improvement Project Phase IV (II) to improve flood
management infrastructure in Metro Manila through the establishment of dikes and revetments, installation of flood gates and channel dredging. The Cavite Industrial Area Flood Risk Management Project (II) also received financing worth P5.52 billion (JPY 14.48 billion) to help mitigate flood damage in the lower reach of the San Juan River Basin and its adjacent Maalimango Creek Drainage Area. The Philippine and Japanese governments also signed the agreements for two programs for budget-support financing to assist the Philippines in See “Japan,” A2
PHL LOSING OUT TO ASEAN WITH COSTLIER FARE, HOTELS By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HERE may have been less traffic at the world’s largest travel trade fair this year, but Philippine sellers still managed to impress old and new buyers looking for more interesting destinations to visit in Southeast Asia. Unfortunately, the high cost of airfare and hotels in the Philippines remains a key concern. This developed as the Tourism Promotions Board (TPB) reported that the Philippine delegation generated some P637.4 million in sales leads at the ITB Berlin from March 4 to 6 this year, 30 percent more than last year. The sales leads are estimates by private tourism stakeholders of possible bookings, based on their meetings with travel buyers from Germany, Europe, and
other parts of the globe. TPB is the marketing arm of the Department of Tourism (DOT). “The enthusiasm for our renowned and emerging destinations affirms the transformative experiences that await visitors to our shores,” said TPB Chief Operating Officer Maria Margarita Montemayor Nograles in a news statement. “We are optimistic that the partnerships we have forged and the interest we have generated will lead to greater global awareness of the Philippines and, ultimately, increased visitor arrivals, strengthening our tourism industry in the years ahead.” The DOT and TPB led a delegation of 29 private sector exhibitors composed of tour operators, destination management companies (DMCs), along with hotels and resorts. Key destiSee “PHL,” A2
ROUTE CAUSE: DRIVERS HALT RIDES OVER PUVMP MANIBELA members plying the Nagtahan-Pandacan route in Manila stage a three-day transport strike starting Monday, March 24,
2025, to protest alleged inconsistencies in the Land Transportation Franchising and Regulatory Board’s (LTFRB) data on the Public Utility Vehicle Modernization Program (PUVMP). The Department of Transportation (DOTr) has expressed willingness to engage in dialogue with the transport group. NONIE REYES
Govt eyes curbs on entry of imported fibers By Ada Pelonia
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HE Philippine Fiber Industry Development Authority (PhilFida) is mulling over regulating the entry of imported fibers, particularly abaca, as part of efforts to bolster the local industry. PhilFida Executive Director Arnold Atienza said they are looking at legal possibilities that would regulate fiber imports. He noted the possibility of seeking the issuance of an Executive Order (EO) from President Ferdinand Marcos Jr. “We should also look into the imports, because why are we importing abaca when we have [plenty of] abaca?” Atienza told reporters in a press briefing on Monday.
“There’s a lot of imports because [private entities] don’t know where to source their materials,” he said. Atienza said the agency is keen on forging partnerships that would link farmers with the private sector involved in value-added products of fiber textiles. This is part of its new program “Adopt-a-Farm.” which will help bridge that gap by providing the private sector direct access to raw materials, he added. The PhilFida chief said engaging farmers with value-added products would also boost their income. Currently, he noted that the price of abaca fiber ranges from P35 to P110 per kilo based on grading. Atienza said the “Adopt-aFarm” initiative would also fast-
track the agency’s goal to arrest the decline in abaca output this year. “So, we get to produce not just raw material but we get to produce value-added products,” he said. Data from PhilFida showed that the country’s abaca production in 2024 declined by 4 percent to 43,055.78 metric tons (MT) from the previous year’s 44,868.36 MT. The recent figure is also lower than the 63,640.61 MT in 2022.
Cotton
MEANWHILE, PhilFida and the Philippine Textile Research Institute (PTRI) recently teamed up to increase cotton production and promote its use in textile manufacturing. (See: https:// businessmirror.com. ph/2025/03/10/ptri-ties-up-
with-philfida-to-bolster-cotton-industry/) Recently, PTRI distributed local cotton to weaving communities nationwide, equipping artisans with training programs to refine their skills in handling natural fibers. Unlike synthetic materials, natural cotton requires distinct weaving techniques, prompting the need for specialized training. “We are here, we are open to engage. We have engineers and textile experts. We are on the same page with DA-PhilFida,” PTRI Director Julius Leano Jr. said during the Innovation Dialogue held at the PTRI Building. Atienza underscored the strong demand for locally grown cotton. “We have the raw materials, and with both agencies working together, we can achieve so much more,” he said.
PESO EXCHANGE RATES n US 57.2960 n JAPAN 0.3835 n UK 73.9806 n HK 7.3708 n CHINA 7.9023 n SINGAPORE 42.8926 n AUSTRALIA 35.9017 n EU 61.9943 n KOREA 0.0391 n SAUDI ARABIA 15.2753 Source: BSP (March 24, 2025)