MANILA, Philippines — The tariff reduction on rice imports to 15 percent will not immediately translate to lower rice prices in the market, according to National Economic and Development Authority (Neda) Secretary Arsenio Balisacan.
President Ferdinand Marcos Jr., who chairs the Neda board, on Tuesday approved the new Comprehensive Tariff Program for 2024-2028 which, among others, lowered the tariff rates on several key products, including rice and coal. The tariff on rice was slashed to 15 percent from 35 percent.
However, Balisacan said it will take time for consumers to feel the impact of the tariff reduction.
“It will take a little bit more time because an executive order will have to be issued, and once it comes out, that will then influence the decision of the private sector to import,” said Balisacan in a Palace briefing.
However, Balisacan said it will take time for consumers to feel the impact of the tariff reduction.
“It will take a little bit more time because an executive order will have to be issued, and once it comes out, that will then influence the decision of the private sector to import,” said Balisacan in a Palace briefing.
Balisacan also said the reduced tariff on coal briquettes will not greatly impact the cost of energy, explaining that the reduced tariff for coal is not significant.
According to the Neda Secretary, the reduced tariffs will not significantly impact government income but are expected to increase economic activities.
“The numbers, we believe, are not exactly lost because the lower tariff would enhance economic activities and also improve the welfare of households, particularly the most vulnerable groups,” said Balisacan.
Source: business.inquirer.net
