Neda: Global factors affect impact of lower rice tariffs

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Neda: Global factors affect impact of lower rice tariffs - Business Mirror

Quick Summary:

THE impact of the tariff reduction on rice prices may be affected by global conditions such as international rice prices, climate change and the depreciation of the peso against the US dollar, according to the National Economic and Development Authority (Neda).

While rice prices from Thailand and Vietnam are 20 to 25 percent higher compared for 2023.

Not only is the country projected to remain the top global importer of rice, but rice imports relative to rice supply have risen in recent years and are still relatively high,” Oxford Economics said.“Moreover, the weight of rice in the CPI basket also appears to be the highest in the region at about 8.9 percent.