President Ferdinand Marcos Jr. on Tuesday rejected the proposed tariff reduction on imported rice being pushed by his economic managers.
“We decided with the agriculture and economic managers that it was not the right time to lower the tariff rates because the projection of world rice prices is that it will go down. So, this is not the right time to lower tariffs. Tariffs are generally lowered when the price is going up,” he said.
STAMP OUT AGRI ‘WEEVILS.’ President Ferdinand Marcos Jr. leads the distribution of rice seized by the Bureau of Customs to the beneficiaries of the Pantawid Pamilyang Pilipino Program at the San Andres Sports Complex, Manila on Tuesday, September 26, 2023. Mr. Marcos orders all government agencies and officials to wage a campaign against rice smugglers and hoarders.
“I’m sure President Marcos will not allow it. What’s scary is we know that Congress will adjourn tomorrow. If the Congress and the Senate adjourn, what’s scary is if someone will allow the reduction or zero tariff importation amid the harvest season,” Marcos said. During yesterday’s meeting, however, Balisacan and Agriculture Undersecretaries Leocadio Sebastian and Mercedita Sombilla agreed it was not the right time to lower tariff rates because of the downtrend of rice prices in the world market.
“We have an opportunity here to collect and employ these rice import tariffs to provide much-needed cash assistance to millions of Filipino households,” she said. “Utilizing rice import tariffs offers a win-win solution for consumers and the agricultural sector,” she said.
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