NEDA Board to reduce rice tariffs to 15 pct from 35 pct until 2028 | ABS-CBN
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NEDA Board to reduce rice tariffs to 15 pct from 35 pct until 2028
NEDA Board to reduce rice tariffs to 15 pct from 35 pct until 2028
Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. President Ferdinand R. Marcos Jr. wants to certify as urgent to lawmakers in Congress the proposed amendments to Republic Act No. 11203 or the rice tariffication law (RTL) to lower rice prices in the country. Maria Tan, ABS-CBN News
Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. President Ferdinand R. Marcos Jr. wants to certify as urgent to lawmakers in Congress the proposed amendments to Republic Act No. 11203 or the rice tariffication law (RTL) to lower rice prices in the country. Maria Tan, ABS-CBN NewsMANILA -- The National Economic and Development Authority (NEDA) Board has agreed to reduce rice tariffs to 15 percent from 35 percent until 2028, as part of government efforts to further lower the price of the staple grain and make it more affordable, Secretary Arsenio Balisacan said Tuesday.
Balisacan said that the decision was made during the NEDA Board’s 17th meeting on Monday, where they approved the Comprehensive Tariff Program that calibrates current tariff rates until 2028.
MANILA -- The National Economic and Development Authority (NEDA) Board has agreed to reduce rice tariffs to 15 percent from 35 percent until 2028, as part of government efforts to further lower the price of the staple grain and make it more affordable, Secretary Arsenio Balisacan said Tuesday.
Balisacan said that the decision was made during the NEDA Board’s 17th meeting on Monday, where they approved the Comprehensive Tariff Program that calibrates current tariff rates until 2028.
Balisacan said that the decision was made during the NEDA Board’s 17th meeting on Monday, where they approved the Comprehensive Tariff Program that calibrates current tariff rates until 2028.
“Reducing decision is expected to bring down rice prices for consumers while supporting domestic production through tariff cover and increased budgetary support to improve agricultural productivity, especially as global rice prices remain elevated,” the official said in a Palace briefing.
“Reducing decision is expected to bring down rice prices for consumers while supporting domestic production through tariff cover and increased budgetary support to improve agricultural productivity, especially as global rice prices remain elevated,” the official said in a Palace briefing.
However, the NEDA Chief does not expect the reduction of tariffs to lead to a large drop in the price of rice in local markets, given the upward price pressures for rice due to the effects of the El Niño phenomenon and increasing domestic demand.
However, the NEDA Chief does not expect the reduction of tariffs to lead to a large drop in the price of rice in local markets, given the upward price pressures for rice due to the effects of the El Niño phenomenon and increasing domestic demand.
“But this tariff reduction will substantially ease the upward pressure on domestic prices,” he said.
“But this tariff reduction will substantially ease the upward pressure on domestic prices,” he said.
Balisacan added that the reduction of rice tariffs would complement current efforts to ease the burden of high prices to the poor, particularly in the provision of direct subsidies to the poor and vulnerable.
Balisacan added that the reduction of rice tariffs would complement current efforts to ease the burden of high prices to the poor, particularly in the provision of direct subsidies to the poor and vulnerable.
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