Diokno says temporarily lowering tariff to ensure stable supply at cheap prices The Department of Finance (DOF) wants to temporarily
The Department of Finance wants to temporarily cut the tariff on imported rice from 35 percent to 0 percent—or at most 10 percent—to ensure the supply of the staple at affordable prices.
President Ferdinand Marcos Jr. earlier approved the imposition of price ceilings on regular milled rice at P41 per kilo and well-milled rice at P45. At the same time, he said programs must be pursued to protect the vulnerable sector by safeguarding the farmers from the effect of the price ceilings; to provide targeted subsidies to small traders and retailers of rice; and to provide support to low-income households to address the impact of the surge in rice prices.
“This suggests that we remain on track for the full-year average to be within the target in 2024,” Diokno said. Farmers are appealing to the President to intervene so that they would get better rates for their produce and not be at the mercy of prices dictated by the traders, agents and millers.
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