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Manila Bulletin devider Business devider Balisacan: 15% rice tariff based on extensive consultations

Balisacan: 15% rice tariff based on extensive consultations

Published Jun 10, 2024 09:53 am

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said the 15 percent reduced tariff on rice was a balancing act to ensure affordable prices and protect consumers’ interest.

In a statement on Monday, June 10, Balisacan said the decision was not made lightly as the Tariff Commission had to undertake several extensive consultations with stakeholders and received inputs from policymakers.

“The consultation began as early as March 2023, and 801 stakeholders were invited, with at least 192 coming from the agriculture sector,” said Balisacan, who also serves as the vice-chairperson of the NEDA Board.

President Marcos is the chairman of the NEDA Board.

“In the most recent comprehensive tariff review, the Tariff Commission received position papers and comments from 41 private sector parties, a consumer group, 15 Philippine government agencies, and a member of the House of Representatives. These inputs were invaluable in shaping the CTRM’s recommendations,” he added.

The NEDA chief said that they will remain firm on supporting domestic production through an increased budget from the government to support agricultural productivity.

“We understand the concerns of our farmers, and we are committed to supporting them through this transition,” Balisacan said.

We are investing in infrastructure, promoting the adoption of modern technologies, improving market and financial access for local producers, and
building resilience to climate change,” he further said.

Rice has contributed about two percentage points, or a 50 percent share, to the headline inflation for the past three months, based on the Philippine Statistics Authority report.

Finance Secretary Ralph G. Recto earlier said that the government could lose P20 billion to P22 billion from the tariff cuts.

However, he said that it could be offset by the increased budget of the Department of Agriculture budget which has jumped by 69 percent from 2022 to 2024 compared to its average appropriation for 2017 to 2021.

Related Tags

Tariff Commission National Economic and Development Authority (NEDA) rice tariffs
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