President Marcos rejected yesterday a proposal to temporarily cut the tariff on imported rice to lower the prices of the food staple, citing projections that global prices would decrease.
Marcos, also the agriculture secretary, made the remark after a sectoral meeting at Malacañang that tackled the proposed rice tariff reduction.
“So this is not the right time to lower tariffs. Tariffs are generally lowered when the price is going up,” he added. The tariff cut would eventually lead to the simultaneous lifting of Executive Order No. 39, which set price caps on regular and well-milled rice in the market, she added.
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