THE FEDERATION of Filipino-Chinese Chamber of Commerce and Industry (FFCCCII) has joined other business groups in expressing full support for the proposed law seeking to impose tariffs on rice imports in lieu of quantitative restrictions (QR), which it believes is a “much-needed reform” that will ease negative effects of inflation especially on the poorest of the poor, the Department of Finance (DOF) revealed in a statement on Wednesday.
In a letter to President Duterte, the FFCCCII said the rice tariffication bill will benefit the lowest-income families as this staple food accounts for a hefty part of their daily household expense.
“Rice is the staple food of our nation and it comprises almost 20 percent of the household expense of low-income households. We believe that by removing the import quotas on rice and replacing them with tariffs, the price of rice will significantly be lower as there will be competition, and the lack of available cheap rice will no longer be an issue,” said the FFCCCII in the letter signed by its president, Domingo Yap.
A copy of the letter was also sent to Finance Secretary Carlos Dominguez III, who believes that this import liberalization measure will help the government further ease inflation.
The group likewise pointed out that the rice tariffication bill will ensure that local farmers would also benefit from this consumer-friendly measure through the creation of a Rice Competitiveness Enhancement Fund (RCEF), which will provide them with assistance programs, loans, grants, and aid needed to modernize rice farming as well as funds for the development of inbred rice seeds and skills enhancement.
“This measure is a much-needed reform that will help our countrymen,” the FFCCCII said ahead of the President’s expected signing into law of the rice tarrification bill.
Earlier, a joint statement was signed by nine other business organizations also expressing their support for rice tariffication. (DOF PR)
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