MANILA: Department of Finance (DOF) Secretary Ralph Recto has proposed the temporary reduction of rice import tariffs to help bring down prices.
In an interview with reporters at the sidelines of the Philippine Economic Briefing in Pasay City on Monday, Recto said that while world rice prices are already going down, further reducing rice import tariffs from the current 35 percent will help bring down rice prices in the market.
“World prices are going down and we can reduce tariffs as well,” he said.
Executive Order (EO) 50 issued by President Ferdinand R. Marcos Jr. last year extended the reduced tariff rates of key agricultural commodities, including rice.
“I think mag-hearing pa ang Tariff Commission tungkol dyan [lower rice tariffs] soon. (I think the Tariff Commission will have a hearing about that [lower rice tariffs] soon),” Recto said.
“You have to strike a balance between the farmers and the consumers. Mas maganda yung hating kapatid, 17.5 [percent] (Better if it’s equally divided, 17.5 [percent]
). Could be 20 percent, right?,” he added.
Recto, however, clarified that he is leaving it to the discretion of the Secretary of Agriculture.
“I leave that to the Secretary of Agriculture. First to discuss with his constituencies. Kailangan may hearing yan, eh (There should be a hearing). But there are about 3 million farmers and 115 million consumers, or 112 million, so a good balance should be [there],” he said.
The tariff adjustment should be made while Congress is on recess so the President can issue an EO.
“We want it lower, right? As much as possible, not only up to the end of the year. But possible, the EO will be only up to the end of the year. And then, let’s take a look, and then, if we need to extend it, then we can extend it, right? But what’s important is to reduce the prices of rice. That’s what our countrymen want,” Recto said.
Source: Philippines News Agency
