NFA must be allowed to import, Rice Tariffication Law must be reviewed: businessman | ABS-CBN
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NFA must be allowed to import, Rice Tariffication Law must be reviewed: businessman
NFA must be allowed to import, Rice Tariffication Law must be reviewed: businessman
ABS-CBN News
Published Sep 12, 2023 01:22 PM PHT
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Updated Sep 12, 2023 02:40 PM PHT
MANILA -- The Rice Tarriffication Law must be reviewed if the Philippines is to solve its problems with rice prices and supply, a businessman said Tuesday.
MANILA -- The Rice Tarriffication Law must be reviewed if the Philippines is to solve its problems with rice prices and supply, a businessman said Tuesday.
Antonio Tiu, president and CEO of Agrinurture, said some of the law's provisions are not advantageous to the country.
Antonio Tiu, president and CEO of Agrinurture, said some of the law's provisions are not advantageous to the country.
"For example, you’re not supposed to restrict NFA from importing rice, because NFA is supposed to be the agency in charge of the food security, particularly rice buffer inventory," he said.
"For example, you’re not supposed to restrict NFA from importing rice, because NFA is supposed to be the agency in charge of the food security, particularly rice buffer inventory," he said.
"So restricting NFA’s ability to import basically leave the responsibility to provide enough supply to the local market to the private sector. But private sector will only step in when there’s a profit to be made," he explained.
"So restricting NFA’s ability to import basically leave the responsibility to provide enough supply to the local market to the private sector. But private sector will only step in when there’s a profit to be made," he explained.
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Tiu said NFA must not be restricted to buying only local rice.
Tiu said NFA must not be restricted to buying only local rice.
"If you only allow NFA to buy local rice, we have seasonality problems, issues in terms of rice availability every year," he said.
"If you only allow NFA to buy local rice, we have seasonality problems, issues in terms of rice availability every year," he said.
"So this seasonality problem can only be addressed by importation in the short term, in the foreseeable future because attaining rice self-sufficiency will take years if not decades to achieve."
"So this seasonality problem can only be addressed by importation in the short term, in the foreseeable future because attaining rice self-sufficiency will take years if not decades to achieve."
The businessman also said the Philippines' problems with rice supply do not seem to be over yet.
The businessman also said the Philippines' problems with rice supply do not seem to be over yet.
"This rice problem is more on the macro side. We have neighbors suffering from a shortfall in terms of harvest, we have neighbors aggressively buying for their buffer inventory program, and we have neighbors preparing for war. So it’s a lot of geopolitics and macroeconomics," he said.
"This rice problem is more on the macro side. We have neighbors suffering from a shortfall in terms of harvest, we have neighbors aggressively buying for their buffer inventory program, and we have neighbors preparing for war. So it’s a lot of geopolitics and macroeconomics," he said.
President Ferdinand Marcos Jr. in August imposed a P41 per kilo price ceiling for well-milled rice and P45 per kilo for regular-milled rice to rein in the soaring cost of the staple grain.
President Ferdinand Marcos Jr. in August imposed a P41 per kilo price ceiling for well-milled rice and P45 per kilo for regular-milled rice to rein in the soaring cost of the staple grain.
But farmers, retailers, and economists alike have hit his order, saying it will only hurt the Philippine economy.
But farmers, retailers, and economists alike have hit his order, saying it will only hurt the Philippine economy.
Economic managers have stressed that the rice price cap is only temporary. They have also proposed other measures--like cutting tariffs on imported rice--to curb retail prices.
Economic managers have stressed that the rice price cap is only temporary. They have also proposed other measures--like cutting tariffs on imported rice--to curb retail prices.
--ANC, 12 September 2023
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