Duterte signs the rice tariffication bill

PRESIDENT Rodrigo R. Duterte signed into law the rice tariffication bill on the last possible day he could have signed or vetoed the measure, Senate President Vicente C. Sotto III told reporters, as confirmed by television reports.

“By liberalizing the industry the syndicate controlling the value chain will now be nullified by free entry and competition — including entry and competition from foreign rice suppliers”

Rice tariffication liberalizes the import process for rice while taking away the role in importing of the National Food Authority (NFA). In place of the old system, private importers will pay a tariff of 35% on grain shipped from Southeast Asia, raising revenue for the government and also funding a rice industry competitiveness fund.

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Business World. (2019). Duterte signs tariffication bill. Retrieved from https://www.bworldonline.com/duterte-signs-rice-tariffication-bill/