The Department of Finance (DOF) is open to the proposed amendments of the Rice Tariffication Law (RTL), specifically to allow the National Food Authority (NFA) to sell rice during emergency situations.
Finance Secretary Ralph Recto told reporters the DOF is studying the proposed amendments to the RTL.
“We’re looking at it right now. We do have a position. But so far, I think the RTL is working. Maybe we can tweak it a bit to allow NFA (to sell)… for emergency purposes,” Recto said.
The President earlier said he would certify as urgent the proposed amendments to Republic Act No. 11203 or the RTL to lower rice prices in the country.
House Speaker Martin Romualdez has been pushing for the RTL amendment to allow the NFA to sell rice in the markets.
The House recently approved on second reading the proposed amendments to the law.
Asked if he is in favor of the provision, Recto said: “More or less. But we don’t expect that the NFA debts will balloon. So, we should not allow that. With the tweaking, we will make sure that the debts of NFA do not balloon.”
Meanwhile, Recto also told reporters that policy rates are likely to remain steady.
“The way I see it, unless something changes between now and then, I think more or less, steady,” Recto said.
“But I expect, moving forward, I expect rates to go lower. Maybe not this Monetary Board meeting, but it’s possible that within the end of the year, there could be a possible reduction in rates,” he added.
