The Department of Finance (DOF) aims to lower tariffs on rice imports below 35 percent to alleviate pressure on inflation, targeting a 20 percent reduction in rice prices by September.
Finance Secretary Ralph Recto proposes slashing tariffs to either 17.5 percent or 20 percent from the current 35 percent, as per President Marcos’s Executive Order 50 extending lower tariff rates until year-end.
While maintaining a balance between supporting local rice farmers and ensuring affordable prices for consumers, the DOF plans to leverage the President’s authority to modify tariff rates while Congress is not in session.
The tariff adjustment process involves consultations with stakeholders, TC reviews, and Cabinet-level deliberations before a final decision is made, aiming to address inflation concerns and make rice more accessible to the Filipino public.
Source: PhilNews24 | May 29, 2024
