AN AGRICULTURAL coalition renewed calls for the restoration of the 35% rice import tariff and sought the resignation of Economy Secretary Arsenio M. Balisacan, AN AGRICULTURAL coalition renewed calls for the restoration of the 35% rice import tariff and sought the resignation of Economy Secretary Arsenio M. Balisacan,

Farmers call for 35% rice tariff, demand Balisacan resignation

AN AGRICULTURAL coalition renewed calls for the restoration of the 35% rice import tariff and sought the resignation of Economy Secretary Arsenio M. Balisacan, claiming that his policies have “benefited no one.”

The Samahang Industriya ng Agrikultura (SINAG) said in a statement on Tuesday that the reduction of rice import tariffs from 35% to 15% under Executive Order No. 62 caused rice imports to increase, putting pressure on farmgate prices offered to farmers for domestically grown palay (unmilled rice).

At the same time, the low palay prices have not been accompanied by a corresponding decline in retail rice prices.

“Our farmers are losing out, their farmgate prices are below production cost, yet consumers still suffer high prices at the retail level. No one has benefited from the policies pushed by the DEPDev under the leadership of Secretary Balisacan,” SINAG Chairman Rosendo O. So was quoted as saying in a statement, referring to the government’s chief economic planner, who heads the Department of Economy, Planning, and Development (DEPDev). 

According to SINAG, government data and independent analyses show rice tariff cuts have not translated into sustained retail price relief, even as global rice costs stabilized.

SINAG also said record levels of rice imports have contributed to oversupply and further depressed farmgate prices.

The Philippine Statistics Authority reported that the national average palay price rose 16.6% month on month to P16.92 per kilo in November. It remained well below the P20.28 price from a year earlier.

“The government’s reliance on imports and tariff reductions has proven disastrous for the economy, undermining domestic food production while failing to lower prices for poor and vulnerable consumers,” SINAG said in the statement. — Vonn Andrei E. Villamiel

Market Opportunity
RICE AI Logo
RICE AI Price(RICE)
$0.005637
$0.005637$0.005637
-12.69%
USD
RICE AI (RICE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight

American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight

The post American Bitcoin’s $5B Nasdaq Debut Puts Trump-Backed Miner in Crypto Spotlight appeared on BitcoinEthereumNews.com. Key Takeaways: American Bitcoin (ABTC) surged nearly 85% on its Nasdaq debut, briefly reaching a $5B valuation. The Trump family, alongside Hut 8 Mining, controls 98% of the newly merged crypto-mining entity. Eric Trump called Bitcoin “modern-day gold,” predicting it could reach $1 million per coin. American Bitcoin, a fast-rising crypto mining firm with strong political and institutional backing, has officially entered Wall Street. After merging with Gryphon Digital Mining, the company made its Nasdaq debut under the ticker ABTC, instantly drawing global attention to both its stock performance and its bold vision for Bitcoin’s future. Read More: Trump-Backed Crypto Firm Eyes Asia for Bold Bitcoin Expansion Nasdaq Debut: An Explosive First Day ABTC’s first day of trading proved as dramatic as expected. Shares surged almost 85% at the open, touching a peak of $14 before settling at lower levels by the close. That initial spike valued the company around $5 billion, positioning it as one of 2025’s most-watched listings. At the last session, ABTC has been trading at $7.28 per share, which is a small positive 2.97% per day. Although the price has decelerated since opening highs, analysts note that the company has been off to a strong start and early investor activity is a hard-to-find feat in a newly-launched crypto mining business. According to market watchers, the listing comes at a time of new momentum in the digital asset markets. With Bitcoin trading above $110,000 this quarter, American Bitcoin’s entry comes at a time when both institutional investors and retail traders are showing heightened interest in exposure to Bitcoin-linked equities. Ownership Structure: Trump Family and Hut 8 at the Helm Its management and ownership set up has increased the visibility of the company. The Trump family and the Canadian mining giant Hut 8 Mining jointly own 98 percent…
Share
BitcoinEthereumNews2025/09/18 01:33
Trump Reviews Candidates to Succeed Fed Chair Powell

Trump Reviews Candidates to Succeed Fed Chair Powell

The post Trump Reviews Candidates to Succeed Fed Chair Powell appeared on BitcoinEthereumNews.com. Key Points: Trump evaluates Fed Chair candidates, considering
Share
BitcoinEthereumNews2025/12/19 08:34
CME Group to launch options on XRP and SOL futures

CME Group to launch options on XRP and SOL futures

The post CME Group to launch options on XRP and SOL futures appeared on BitcoinEthereumNews.com. CME Group will offer options based on the derivative markets on Solana (SOL) and XRP. The new markets will open on October 13, after regulatory approval.  CME Group will expand its crypto products with options on the futures markets of Solana (SOL) and XRP. The futures market will start on October 13, after regulatory review and approval.  The options will allow the trading of MicroSol, XRP, and MicroXRP futures, with expiry dates available every business day, monthly, and quarterly. The new products will be added to the existing BTC and ETH options markets. ‘The launch of these options contracts builds on the significant growth and increasing liquidity we have seen across our suite of Solana and XRP futures,’ said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. The options contracts will have two main sizes, tracking the futures contracts. The new market will be suitable for sophisticated institutional traders, as well as active individual traders. The addition of options markets singles out XRP and SOL as liquid enough to offer the potential to bet on a market direction.  The options on futures arrive a few months after the launch of SOL futures. Both SOL and XRP had peak volumes in August, though XRP activity has slowed down in September. XRP and SOL options to tap both institutions and active traders Crypto options are one of the indicators of market attitudes, with XRP and SOL receiving a new way to gauge sentiment. The contracts will be supported by the Cumberland team.  ‘As one of the biggest liquidity providers in the ecosystem, the Cumberland team is excited to support CME Group’s continued expansion of crypto offerings,’ said Roman Makarov, Head of Cumberland Options Trading at DRW. ‘The launch of options on Solana and XRP futures is the latest example of the…
Share
BitcoinEthereumNews2025/09/18 00:56