EconomyForex

New rice classification eyed to aid in price monitoring

1 Mins read
PHILSTAR

CHANGES are being planned in the rice classification system after the Rice Tariffication Law rendered the old categories unworkable for price monitoring bodies, the Department of Agriculture (DA) said.

The DA has formed a technical working group (TWG) that will come up with a new rice classification system, according to Special Order No. 669 issued on Sept. 15.

In the order, Agriculture Secretary William D. Dar said: “The old classification system is no longer relevant after the passage of Republic Act No. 11203 or the Rice Tariffication Law.”

He added that new classifications are needed “in order to better measure rice inflation,” noting that the Philippine Statistics Authority (PSA) has recently reported difficulties in gathering data on rice.

The TWG will review in particular the current data-gathering process for rice prices and consumption in the Family Income and Expenditure Survey.

The report by the TWG is due by Oct. 31, and will contain recommendations for the new rice classification system to the PSA board.

The TWG will chaired by Agriculture Undersecretary Fermin D. Adriano and co-chaired by National Economic and Development Authority Undersecretary Mercedita A. Sombilla. — Revin Mikhael D. Ochave

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