The Department of Finance wants to slash tariffs on rice imports further below 35 percent to pull down retail prices of the staple, which have been putting pressure on the country’s inflation print.
MANILA, Philippines — The Department of Finance wants to slash tariffs on rice imports further below 35 percent to pull down retail prices of the staple, which have been putting pressure on the country’s inflation print.
All rice imports from Southeast Asian countries are levied a 35 percent tariff pursuant to the ASEAN Trade in Goods Agreement. Recto expects the Department of Agriculture to conduct its own consultation with its stakeholders regarding the proposed tariff reduction. The TC will submit its findings to its mother agency the National Economic and Development Authority for proper endorsement to the Cabinet-level Committee on Tariff and Related Matters .
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