The Bureau of Customs (BOC) has reported a decline in revenue collection due to reduced tariffs on rice and zero-import duties on electric vehicles (EVs). According to the BOC, these policy adjustments have resulted in a combined revenue loss of nearly P9 billion in the first nine months of 2024....
The Philippine Statistics Authority (PSA) reported that the government’s decision to lower rice import tariffs is starting to affect consumer prices. In a briefing, National Statistician and PSA Undersecretary Claire Dennis S. Mapa said the tariff reduction significantly contributed to the...
The Department of Agriculture (DA) said the Cabinet may reevaluate the proposed reduction in import duties on rice following feedback from various stakeholders regarding its potential implications. In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said there remains an opportunity for...
The Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) has proposed the extension of lower tariff rates on essential commodities until Dec. 31, 2024, the National Economic and Development Authority (NEDA). NEDA Secretary Arsenio M. Balisacan said that the committee's recommendation...
The government will distribute direct cash assistance of P5,000 to as many as 59,125 farmers in Nueva Ecija to be funded from the excess rice import tariff collection under the Rice Competitiveness Enhancement Fund (RCEF). The Department of Agriculture (DA) formally launched this week RCEF’s Rice...
Three years since the implementation of the Rice Tariffication Law (RTL), the Philippine Center for Postharvest Development and Mechanization (PHilMech), the government agency tasked to mechanize the local rice sector, has only spent merely 6 percent of its total allocation under the Rice...
