BBM admin not keen on reviewing rice tariff law

Division of the Finance Secretary Benjamin Diokno explained the Marcos administration is not prioritizing a assessment of the Rice Tarrification Regulation (RTL).

Diokno explained the RTL “has been powerful in controlling inflation.”

“I consider revisiting the Rice Tariffication Legislation is not a priority of this government,” Diokno, quoted by a GMA Information report, said.

The Finance chief observed that the (RTL) was not stated in the first Condition of the Nation Handle (SONA) of President Ferdinand “Bongbong” Marcos Jr., who is also the concurrent secretary of the Office of Agriculture (DA).

Agriculture Undersecretary Kristine Evangelista earlier stated the DA will be reviewing and is wanting into phone calls to repeal the RTL, GMA News documented.

According to critics, the RTL has unsuccessful to lessen the price of rice, which in switch created existence “even much more complicated for local farmers because of to the entry of more cost-effective imports.”

Non-federal government organization Integrated Rural Development Foundation (IRDF) earlier named on the authorities to earmark more cash for fiscal support to farmers bearing the brunt of the RTL stating Rice Competitive Improvement Fund (RCEF) is not sufficient to offset the substantial losses they acquired, GMA Information claimed.

The Federation of Cost-free Farmers (FFF) previously claimed that rice farmers shed a total of P68.18 billion in 2019, which is double of what buyers saved because of to decrease costs of the grain in the 1st year of implementation of the RTL, the report said.

The Duterte administration defended the RTL. The preceding administration observed rice was the solitary most important contributor to inflation, but now had a destructive to nominal contribution.

“I feel if you are running the authorities, you ought to often imagine of what is the finest superior for the finest amount. It has an outcome on farmers, specifically rice farmers, but they are also benefiting from it,” Diokno explained.

Republic Act No. 11203 or the RTL, which took impact on March 5, 2019, replaced the quantitative constraints on imported rice with tariffs of 35 % to 40 per cent and established the RCEF funded by the tariff revenues.

The RCEF is an appropriation of P10 billion, collected from rice import tariffs, in six decades or up to 2024 to fund courses for farm mechanization, seed development, propagation, and marketing, credit score assistance, and extension solutions.