Neda chief, BSP exec: No to added tax on rice imports
Ahead of the economic managers’ meeting to discuss relief for farmers hurt by the lifting of volume limits on rice importation, the country’s chief economist and a Monetary Board official on Tuesday, Oct. 22, expressed opposition to adding taxes on imported rice to protect the local industry from a surge in imports.
After confirming to the Inquirer that the Economic Development Cluster (EDC) will meet on Wednesday, Oct. 23, Socioeconomic Planning Secretary Ernesto M. Pernia said in a text message: “I actually told [Agriculture Secretary William] Dar it’s uncalled for, especially this soon,” referring to the Department of Agriculture’s (DA) earlier plan to impose additional tariffs on rice imports as local palay prices fell, hurting farmers’ earnings.
Separately, Monetary Board member V. Bruce J. Tolentino told reporters that “any kind of additional tariff will kick prices up and add to inflation.” The BSP, he said, was unlikely to support any additional tariff on imported rice.
At 35 percent, the prevailing import duty under the Rice Tariffication law or Republic Act (RA) No. 11203 that took effect in March was already enough, Tolentino said on the sidelines of the Bankers Institute of the Philippines Inc.’s (Baiphil) general membership meeting.
Dar earlier said that the DA had deferred the previous plan to push through with rice safeguard duty as the agency will first “actively” discuss any such measure with the EDC./TSB