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Monday, March 4, 2024

President Marcos rejects lowering rice tariffs in the Philippines

Philippine President Ferdinand Marcos Jr. rejected a proposal to decrease rice import tariffs despite expectations of lower global rice prices, as stated by his office on Tuesday. The decision came after a meeting of the country’s economic and agriculture officials, including Marcos, who also serves as the agriculture secretary.

Earlier, the finance and economic planning departments had suggested reducing tariffs on rice imports from the current 35% to a range between zero and 10%, aiming to alleviate inflationary pressures. The Philippines is a major rice importer, primarily sourcing from Vietnam.

Marcos explained that with forecasts indicating a decline in global rice prices, it was “not the appropriate time to reduce tariffs,” adding that tariffs are typically lowered when prices are rising.

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