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Manila Bulletin devider Business devider Lower rice import tariff extension recommended

Lower rice import tariff extension recommended

Published Oct 6, 2023 04:02 am

At A Glance

  • The Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) has recommended extending the reduced import tariffs on rice until the end of next year after its meeting last Oct. 3.<br>The proposed extension applies to the lower Most Favored Nation (MFN) tariff rate on rice under Executive Order (EO) No. 10.<br>National Economic and Development Secretary Arsenio Balisacan said the extension aims is to address rising rice prices and ensure sufficient supply through timely and adequate importation.<br>The extension is subject to review in July of next year.

The government’s inter-agency body on inflation has officially recommended to President Marcos that the reduced import tariff on rice be extended until the end of next year, the National Economic and Development Authority (NEDA) said.

After the Oct. 3 meeting of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), NEDA Secretary Arsenio M. Balisacan said the body recommended extending the reduced Most Favored Nation (MFN) tariff rate on rice under Executive Order (EO) No. 10.

“To address the increasing price of rice and ensure enough supply through timely and adequate importation, the IAC-IMO recommends extending the lower MFN tariff rate on rice until December 2024,” Balisacan said.

However, the NEDA chief said the extension is subject to review in July next year.

“This policy response must be complemented by efforts to improve the predictability and transparency of issuing the Sanitary and Phytosanitary Import Clearance for rice and all commodities,” Balisacan added.

In December 2022, President Marcos signed EO 10, which extended the lower tariff rates on rice, pork, and corn until Dec. 31 this year.

The chief executive’s order maintained a 35 percent tariff rate for rice imports within and exceeding the minimum access volume (MAV) quota.

However, it was unclear from Balisacan’s statement whether the recommendation of the IAC-IMO includes an extension of the lower tariff rates on pork and corn.

EO 10 is already an extension of EO 171, issued by former President Rodrigo Duterte, which reduced the tariff rates for in-quota and out-quota pork shipments.

Earlier, Finance Undersecretary Zeno Ronald R. Abenoja said the IAC-IMO has also broadened its review scope beyond the four commodities included in EO 10.

Abenoja said the expansion is in response to the recent typhoons that have affected the country and global headwinds.

He referred to the IAC-IMO's action as a "comprehensive review" that encompasses both food and non-food factors contributing to inflation.

“It covers not only the four agricultural commodities but also the other drivers of inflation that we have seen in the past few months,” Abenoja said.

The IAC-IMO serves as an advisory body to President Marcos’ Economic Development Group (EDG).

The primary role of the IAC-IMO is to monitor the key factors driving the increase in prices of essential goods, particularly food and energy, as well as their underlying sources and causes.

The advisory body is co-chaired by the secretaries of the NEDA and the Department of Finance.

The vice chairperson of the IAC-IMO is the Secretary of the Department of Budget and Management, while the secretaries of the Departments of Agriculture, Trade, Energy, Science and Technology, and Interior and Local Government serve as members of the committee.

Related Tags

National Economic Development Authority (NEDA) rice tariffs NEDA SECRETARY Arsenio M. Balisacan
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