The three-man Tariff Commission is set to begin this Friday, September 15, a public hearing on the proposal to temporarily reduce the tariff rate on rice imports to 10 percent from 35 percent.
President Ferdinand Marcos Jr.’s imposition of a cap in the retail price of rice rolled back cost of the grain in Vietnam, posting their biggest price declines last week since the increases following the decision of India to ban export of certain rice varieties in July.
The Department of Agriculture on Thursday boasted of 95 percent compliance by rice retailers to Executive Order 39 capping the price of the staple to a set number.
The Federation of Free Farmers (FFF) on Wednesday said proposals by the National Economic and Development Authority and some business groups to cut the tariff on imported rice as response to the escalating price of the commodity will only depress the price of palay or unmilled rice at farm gates.