SENATE President Francis Escudero yesterday said the cut in tariffs on imported rice is a good move that would hopefully bring down the inflation rate.
“Kung mapapababa natin ito, malaki ang positibong epekto nito sa ating ekonomiya. Halimbawa, kapag bumaba ang inflation dahil mapapababa natin ang presyo ng bigas, posibleng bumaba sa less than 2 percent at dahil diyan yung ating mga economic indicators kabilang na arin ang pag-utang ng mga negosyante dito sa bansa ay bababa na sana, makakatulong sa paglago pa ng ating ekonomiya (If we can lower it, that will have a positive effect on our economy. For example, if the inflation rate goes down because of the lower prices of rice, our inflation rate can go down to only 2 percent. Borrowings of businessmen can also go down which can help boost our economy),” Escudero said in an interview at the Senate.
He said President Marcos can adjust tariff rates only when Congress is on recess, and any lawmaker who thinks that the tariff adjustment is right or wrong, can file a remedial measure when Congress resumes regular sessions on July 22.
He also said the Department of Agriculture will play a big role in ensuring that the importation of rice will not affect local farmers.
Sen. Imee Marcos did not share Escudero’s positivism, as she expressed fears that imported rice will flood the local market and impact negatively on local farmers.
“Fifteen percent na lang ang taripa ng imported na bigas, baboy, at iba pa hanggang 2028? Eh di lalamunin ng mga imported ang palengke (The tariffs on imported rice, pork, and other commodities will be lowered to 15 percent until 2028? That will result to the flooding of imported items in the local markets),” Marcos said, adding that lowering tariffs will “kill the local rice industry.”
Sen. Cynthia Villar was likewise not impressed, saying the government will not have enough funds to support the Rice Competitiveness Enhancement Fund (RCEF) with the decrease in tariffs on imported rice, especially those who are tilling two hectares of land and below “unless the government is willing to provide subsidy for these.”
