BILYONARYO.COM

The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) has thrown its support behind the Department of Finance’s proposal to reduce tariff rates on imported rice for the rest of 2024 to bring prices of the staple down.

In a statement, FFCCCII President Dr. Cecilio Pedro said reducing import tariffs on rice from the current 35% to 17.5% will “alleviate the inflationary pressures” over the next seven months.

“Dr. Pedro also emphasizes FFCCCII’s commitment to supporting Filipino farmers and fishermen, advocating for a dialogue with the Agriculture Department to strike a balance between supporting local rice producers and the need to strengthen the nation’s economic resilience,” the group said.

The DOF has said that reducing import tariffs on rice would bring down its retail price by P5 per kilo.

The proposal, however, would result in P10 billion in foregone revenues for the government.

Published Date: June 1, 2024