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View all search resultsGovt to roll out $28m soybean subsidy amid surging import costs
The administration would earmark Rp 500 billion to fund the first phase of the program, which is set to provide a subsidy of Rp 2,000 for every kilogram of soybeans purchased by food processors.
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A man rubs cooked soybeans with a moldy hibiscus leaf, which is rich in the rhizopus olihosporus fungus, during the tempeh fermentation process. JP/ Anggara Mahendra (JP/Anggara Mahendra)
T
he government is planning to roll out a soybean subsidy program in a bid to shield the domestic market from rising prices caused by the weakening rupiah.
Coordinating Food Minister Zulkifli Hasan revealed the plan on Tuesday, emphasizing that Indonesia relies heavily on imported soybeans, whose prices have surged due to the depreciating rupiah and the energy crisis stemming from the United States-Israel war on Iran.
The rupiah fell to a historic low, breaching the psychological level of Rp 18,000 per US dollar last week, marking a sharp depreciation from around Rp 16,500 against the greenback at the start of the year.
Read also: Rupiah slides to record 18,000 low, 2026 losses deepen\
According to Zulkifli, the subsidy would cover 250,000 tonnes of soybeans in its initial phase.
The subsidy is also expected to help maintain soybean price stability and protect businesses, particularly tofu and tempeh producers.
Zulkifli estimated that the government would need to earmark Rp 500 billion (US$28 million) to fund the first phase of the program, which is set to provide a subsidy of Rp 2,000 for every kilogram of soybeans purchased by food processors.
