The price, initially set at P45 per kilo, was recently reduced to P43 and will drop further to P40 starting Thursday to shield consumers from inflationary pressures.
Agricultural smuggling and hoarding exceeding P10 million are now considered crimes of economic sabotage under the newly signed Anti-Agricultural Economic Sabotage Act, the Department of Agriculture said on Thursday.
The initial impact of the tariff cut has been delayed as traders imported large volumes of rice earlier this year, anticipating shortages due to the El Niño dry spell.
The Agriculture chief said the key to the strategy is reducing inefficiencies caused by outdated infrastructure, particularly through mechanization and improved logistics.
A significant drop in rice prices was observed during a market inspection led by Agriculture Assistant Secretary for Consumer Affairs Genevieve Velicaria-Guevarra on Sept. 11, 2024, the department said Thursday.
The Department of Agriculture has emphasized the crucial role of strict biosecurity measures in the successful implementation of the African Swine Fever vaccine program after five vaccinated pigs died nine days post-vaccination due to an unreported pre-existing respiratory illness.
The Department of Agriculture (DA) will launch "Program 29" on July 5, an initiative led by President Marcos, to provide high-quality rice at P29 per kilo to 6.9 million vulnerable households encompassing approximately 35 million Filipinos.