The Department of Finance (DOF) is seeking for the reduction of the imposed tariff rates on imported rice to as low as zero percent to 10 percent, DOF Secretary Benjamin Diokno said on Monday, September 11.
In a two-page press statement, he said the slash in the current 35 percent tarrif will hamper the surging rice prices in local markets and stores.
"The Department of Finance (DOF) has proposed a comprehensive approach, including the temporary reduction of the 35 percent rice import tariff rates, both ASEAN [Association of Southeast Asian Nations] and Most Favored Nation (MFN) rates, to zero percent or a maximum of 10 percent, to arrest the surge in rice prices," Diokno said.
To expedite rice import, he said they are proposing the implementation of the "Super Green Lane" for arriving rice imports to allow the "advance processing and clearance of shipments for the country's top qualified importers".
"We are advocating cooperation with tollway concessionaires and operators to temporarily exempt trucks that are catering agricultural goods from increased toll fees, ensuring the efficient transportation of rice," the DOF Secretary added.
He said they also suggested strict monitoring in the prices of imported rice to curb the cases of hoarding, smuggling, and economic sabotage.
Meanwhile, Diokno reiterated that they fully support and endorse President Ferdinand 'Bongbong' Marcos Jr.'s executive order (EO) No. 4 which formally imposes a price cap on regular and well-milled rice.
He said the EO No. 39 serves as "a lifeline" as it extended a "much-needed relief to Filipinos grappling with the high rice prices."
"We agree with the President that implementing a price cap on rice is the most prudent course of action at the moment to achieve two critical objectives: stabilizing rice prices and extending immediate support to our fellow countrymen," Diokno said.
The DOF Secretary made the affirmation after he admitted that they were "shocked" by the sudden imposition of the mandated rice price ceiling.
