KONTAN.CO.ID - MANILA. The Philippines' finance ministry has recommended a series of measures, including a cut in tariffs on imported rice, to curb surging retail prices that are fuelling inflation, its secretary said. The ministries of finance and economic planning are proposing a reduction in the 35% rice import tariff rates to between zero and 10%, Finance Secretary Benjamin Diokno told reporters. Under a modified scheme introduced in 2021, tariffs on rice imported from outside Southeast Asia fell to 35% - in line with the rate for suppliers from inside the region, including Vietnam - from a previous range of 40%-50%.
Philippine Ministers Propose Cut in Rice Tariffs to Curb Retail Prices
KONTAN.CO.ID - MANILA. The Philippines' finance ministry has recommended a series of measures, including a cut in tariffs on imported rice, to curb surging retail prices that are fuelling inflation, its secretary said. The ministries of finance and economic planning are proposing a reduction in the 35% rice import tariff rates to between zero and 10%, Finance Secretary Benjamin Diokno told reporters. Under a modified scheme introduced in 2021, tariffs on rice imported from outside Southeast Asia fell to 35% - in line with the rate for suppliers from inside the region, including Vietnam - from a previous range of 40%-50%.