‘Record rice imports due to low tariffs, output’

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‘Record rice imports due to low tariffs, output’ - Business Mirror

Quick Summary:

Stunted palay output, lower tariffs, and anti-smuggling efforts catapulted the country’s rice imports to an all-time high of nearly 4.7 million metric tons (MMT) in 2024, according to the Department of Agriculture (DA).

Rice arrivals recorded an uptick following the implementation of Executive Order (EO) 62, which slashed rice tariffs to 15 percent from 35 percent until 2028.

Agriculture Secretary Francisco Tiu Laurel Jr.said the agency expects palay production to settle at 19.3 MMT in 2024, lower than its initial forecast of 19.41 MMT.