President Ferdinand R. Marcos Jr. was right to reject proposals to temporarily reduce tariffs on imported rice, Rep. Brian Raymund
Yamsuan said the President’s action would spare small farmers “an act of grave cruelty” amid the peak harvest season.
“We may not be an expert in economics, but common sense tells us that if you flood the market with imported rice, this would lead to depressed farmgate prices at a time when our farmers are in the midst of the harvest season,” the lawmaker said. Under Republic Act 11203 or the Rice Tariffication Law, tariff collections from rice imports will go to the Rice Competitiveness Enhancement Fund .
In the first eight months of 2023, the Bureau of Customs has already collected P17 billion in rice import tariffs, he added. The Chief Executive pointed to projections that global rice prices would decrease soon, which meant this was not the right time to suspend import tariffs on the grain.
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