Filipino-Chinese businessmen support rice tariffication

Published February 18, 2019, 12:00 AM

by manilabulletin_admin

By Chino S. Leyco

The Federation of Filipino-Chinese Chamber of Commerce and Industry (FFCCCII) has expressed full support for the recently signed rice tariffication law, which imposes tariffs on rice imports in lieu of quantitative restrictions (QR).

In a statement released by the Department of Finance (DOF), it quoted a letter from FFCCCII, which said the group believes the rice tariffication law is a “much-needed reform” that will ease the negative effects of inflation especially on the poorest of the poor.

The FFCCCII said the rice tariffication bill will benefit the most low-income families as this staple food accounts for a hefty part of their daily household expense.

“Rice is the staple food of our nation and it comprises almost 20 percent of the household expense of low-income households,” FFCCCII said in its letter signed by its president Domingo Yap and sent to President Rodrigo R. Duterte.

“We believe that by removing the import quotas on rice and replacing them with tariffs, the price of rice will significantly be lower as there will be competition, and the lack of available cheap rice will no longer be an issue,” Yap added.