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Manila Bulletin devider Philippines devider National devider Romualdez thanks Recto for helping reduce rice prices 

Romualdez thanks Recto for helping reduce rice prices 

Published May 29, 2024 05:41 am

At A Glance

  • House Speaker Martin Romualdez has thanked on Wednesday, May 29 Department of Finance (DOF) Secretary Ralph Recto for making good his promise to reduce rice tariffs.

20240529_133517.jpgHouse Speaker Martin Romualdez (left), DOF Secretary Ralph Recto (Speaker’s office, Facebook)

House Speaker Martin Romualdez has thanked on Wednesday, May 29 Department of Finance (DOF) Secretary Ralph Recto for making good his promise to reduce rice tariffs.

The move is meant to help lower the price of rice--the country’s staple food--to below P50 per kilo.

Romualdez commended Recto for advancing their earlier agreement between House leaders and the secretaries of finance and agriculture.

This initiative aims to address the spike in rice prices that was driven by unscrupulous traders, the impacts of El Niño, and high global costs, he said.

Last week, the House leader met with Recto, Department of Agriculture (DA) Secretary Francisco Tiu Laurel, Jr., Bureau of Customs (BOC) Commissioner Bienvenido Rubio, and House Appropriations Committee Chairman Ako Bicol Party-list Rep. Zaldy Co to craft practical solutions to mitigate the financial strain on consumers while securing fair compensation for local rice farmers.

Romualdez, who goes by the moniker 'Mr. Rice', said the group looked at the temporary reduction in rice tariffs to lower traders' costs.

This is expected to help make rice more affordable without undermining local farmers' livelihood.

Despite the planned tariff reduction, Romualdez said farmers will continue to receive support from the Rice Competitiveness Enhancement Fund (RCEF), as funded by taxes collected under Republic Act (RA) No.11203 or the Rice Tariffication Law.

As of April, DOF data indicate that rice tariff collections has already reached P16 billion--enough to cover the P10-billion minimum requirement to assist farmers under RCEF.

Recto was the erstwhile Batangas 6th district congressman and deputy speaker in the current 19th Congress.

Related Tags

ralph recto Martin Romualdez Department of Finance Rice prices
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