AT A GLANCE
The Bangko Sentral ng Pilipinas (BSP) can help maximize the expected reduction on retail prices of rice by keeping the peso at "reasonable levels" against the United States (US) dollar.
House Speaker Martin Romualdez (Ellson Quismorio/ MANILA BULLETIN)
The Bangko Sentral ng Pilipinas (BSP) can help maximize the expected reduction on retail prices of rice by keeping the peso at "reasonable levels" against the United States (US) dollar.
This was the takeaway from the House Speaker Martin Romualdez-led press conference Thursday, June 6 wherein the effect of the Palace-ordered tariff reduction on rice imports was discussed.
During the presser, Committee on Agriculture and Food Chairman Quezon 1st district Rep. Wilfrido Mark Enverga shared that as per the Philippine Statistics Authority (PSA), retail prices of rice--the country’s staple food--was "going to be less by P5 to P6 per kilo".
Such will be the price drop on the heels of President Marcos' decision to slash imported rice duties from the current 35 percent to 15 percent.
But Deputy Majority Leader for Communications ACT-CIS Party-list Rep. Erwin Tulfo, who was also at the presser, quickly noted that foreign exchange can have a huge impact on local rice prices.
"That’s depending on the, that P5 to P6 [reduction] is at the current exchange rate po iyon at P58 po yung kwan. So if the dollar goes down then mas mataas pa doon (the reduction on retail prices will be higher), so depending on the dictate of the exchange rate," he said.
Agreeing with Tulfo's statement, Romualdez says there's already coordination going on between the House and BSP for the sake of consumers.
"Kausap din natin yung our friends at the BSP sa Monetary Board (We're also talking to our friends at the BSP, in the Monetary Board), it is also their role to make sure that the foreign exchange is also kept at reasonable levels," the Speaker said.
The foreign exchange rate grabbed headlines recently after the peso went above P58 against the US dollar. Marcos announced the tariff cut a few days after.
"So the BSP has from time and time again very quietly but steadily has always been there at the forefront to safeguard any abrupt or any changes sa forex to absorb the shocks...we’re all trying to coordinate so we can afford again the consumers, quality affordable rice always. Yan ang goal (That's the goal)," noted Romualdez.
The House leader further said: "So everyone involved we’re talking to and making sure that coordinated po tayo kasi the (making sure that we are coordinated because the) President has already given his mandate and that is his desire because that is the best for the people. So we’re all on board, we’re all on board."
Regular milled rice currently hovers at P50 per kilo.
The presser was held following a meeting between the ranking solons and officials from the Department of Agriculture (DA), Department of Trade and Industry (DTI), Bureau of Customs (BOC), and other stakeholders, including those from the private sector.
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