Finance Secretary Ralph Recto is in favor of lowering the tariff rate for rice imports.
Recto told reporters that the rate could be reduced from the current 35 percent, to support the expected reduction in rice prices by September.
“You have to strike a balance between the farmers and the consumers… 17.5 percent, could be 20 percent, right?” Recto said.
“I leave that to the Secretary of Agriculture, to discuss with his constituencies. A hearing is needed for that. But there are about three million farmers and 115 million consumers, or 112 million, so there should be a good balance,” he added.
Recto said while it is assumed that the lower rice tariffs would be implemented until the end of this year, it could still be extended based on its impact.
“We want it lower, right? As much as possible, not only up to the end of the year. But, possible, the executive order will be only up to the end of the year,” Recto said.
“And then, let’s take a look. 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 are asking for,” he added.
Recto said during the Philippine Economic Briefing last Monday that rice prices are expected to go down by 20 percent by September.
This would entail an increase in production and a reduction in tariffs, the finance chief said.
