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Rice prices could go down by as much as P5 per kilo if tariffs on rice imports would be further reduced, according to government estimates.

The Department of Finance wants to slash tariffs on rice imports further below 35 percent to pull down retail prices of the staple, which have been putting pressure on the country’s inflation print.

The government decided to propose that the National Food Authority be given the right to import rice and to maintain a buffer stock to assure that the price of rice can be kept more stable.

Domestic rice prices are likely to decline in September to reflect the downtrend in prices of the staple in the world market, according to the National Economic and Development Authority

A ranking official of the Department of Agriculture (DA) has given assurance of enough rice supply and stable price of the grains even when the Federation of Free Farmers (FFF) questioned the alleged discrepancies in data issued by the Philippine Statistics Authority (PSA).