Some senators have agreed to temporarily reduce tariff rates on rice even though the government stands to lose “less than P10 billion” in revenues, according to the Department of Finance (DOF).

It was mentioned however by Finance Undersecretary Domini Velasquez that while the projected revenue loss was according to preliminary estimates, the amount would not be much of a concern considering that it could bring down the cost of rice.

Sen. Grace Poe agreed that P10 billion is a small price to pay if it will make rice a staple for the people more affordable.

"It’s an immediate price relief and a direct way for government to extend assistance instead of dole-outs that will only be given to a select few," she said.

"However, government also has to ensure that rice hoarders, price fixers and smugglers are held accountable and prosecuted. Otherwise, the price of rice cannot be equitably stabilized," she added.

Sen. Imee Marcos said that controlling inflation is one of the key things that the government must deliver at this point, agreeing with Velasquez that the revenue loss is insignificant as long as the price of rice is brought down.

"However, such action is just a band aid solution. We also need to make sure that the reduction in tariffs will bring down the price of rice at the retail level and not just increase the profits of importers," she said.

"The real long term solution to high rice prices is to support our local farmers to improve their productivity and yield and reduce our dependence to imports. I have always advocated proving government support and subsidies to farmers to lower their cost of production and increase their productivity," she added.

Meanwhile, Senate Minority Leader Aquilino "Koko" Pimentel said that if the cause of the high price of rice is tariff then he is good with reducing the rates.

"That means [a] decrease in government revenues which could easily be accommodated by a corresponding decrease in unnecessary government spending," he said.