Philippines decides to reduce rice import tax

This can be considered the latest move by the Philippine Government to deal with inflation, especially the price of rice which has been on a continuous upward trend in the market since the beginning of the year. In the first quarter of 2024, the Philippine economy was relatively stable, except for the increase in prices of some essential consumer goods, especially rice, with an increase of about 24.4% in the first quarter of 2024. Rice prices account for about 9% of the Philippines' consumer price index (CPI).

Retail prices of some rice products in the Philippines in September 2022 (current retail prices have increased to 54 - 60 pesos/kg)

The effective date of Decree No. 62 is 30 days from the date of publication, and for rice import tax, the effective date is 15 days from the date of publication. Thus, the effective date of the new rice import tax rate in the Philippines is expected to be in early August 2024.

Over the years, Vietnam has always been the largest rice exporting partner, accounting for over 80% of the total rice imported into the Philippine market. There are some opinions that the Philippines' reduction of rice import tax will create more favorable conditions and increase opportunities for Vietnamese rice in the Philippine market.

Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/philippines-quyet-dinh-giam-thue-nhap-khau-gao.html