President Ferdinand “Bongbong” Marcos Jr. leads the distribution of rice to Manila residents. The occasion was held in San Andres Sports activities Complicated. (Photograph by Ryan Leagogo/INQUIRER.web)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has rejected a proposal to scale back tariffs on imported rice.
“It was not the best time to decrease the tariff charges as a result of the projection of world rice costs is that it’s going to go down. So, this isn’t the best time to decrease tariffs,” the Chief Government stated in a press release on Tuesday.
“Tariffs are typically lowered when the worth goes up,” he defined.
The choice was made in session with the financial managers, specifically officers from Division of Finance, Division of Finances and Administration (DBM), and Nationwide Growth Financial Authority (Neda).
DBM and Neda had beforehand sought to droop rice tariffs in a bid to manage the excessive costs of rice within the nation.
If it had pushed via, particular taxes imposed on imported rice would have been decreased or eliminated.
Nevertheless, Palace stated Neda Secretary Arsenio Balisacan and Agriculture Undersecretaries Leocadio Sebastian and Mercedita Sombilla agreed it was not proper to decrease tariffs.
They noticed that the worth of the grain within the international market was happening.
Palace acknowledged the priority of farmers that rice tariff discount would undervalue their native produce.
The value cap on rice continues to be in impact to manage the rampant enhance in the price of this commodity.
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