Tariffs On Imported Rice To Be Raised By Mid-October
IMPORTED RICE – The Department of Agriculture is considering increasing tariffs on imported rice to address over supply of staple grain.
The rice tariffication law provided an implementation of a general safeguard duty on imported goods. Agriculture Secretary William Dar, said that this is how they would increase the tariff.
Dar stated, they have imported enough supplies of rice. He then added that further imports should be seen differently.
He also said that they have too much supply of rice. Dar followed this up by saying they already imported 2.4 million tons since March.
According to an article from Inquirer, Dar stated that the Philippines was already 93% self sufficient in rice productions. This meant that the country only requires 7% of its supply needs or 1.5 to 2 million tons.
Adding to this, Dar also said that the DA was still considering how much the rice tariff increase would be. However, he said that it would still be decided in early October.
Economist suggested to double the rice tariff to about 70%. But, the agriculture secretary said that it’s still just a scenario.
He then added that although there might be a slight delay, the safeguard duty would still be implemented on a probational basis. This would be for 200 days according to the rice tariff law.
He also added that the increase would start around mid-October. Moreover, in a statement, the DA stated that the implementation of the safeguard duty was one of the measures that could stabilize the supply and price of rice.
Dar also said that they will protect our small farmers by preventing rice imports to penetrate the country. He also emphasized this importance during this main harvest season.
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