WHAT IS RICE TARIFFICATION LAW?
Rice Tariffication Law or Republic Act 11203
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Rice Tariffication Bill or the Senate Bill No. 1998 was enacted in to a law by President Rodrigo Duterte on February 14, 2019 and it took effect on March 5, 2019.
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Why was it signed in the first place?
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In October 2018, the price hike caused the rice in the Philippines to reach 70 pesos per kilo which needs to be urgently addressed in order to prevent rice shortage in the country.
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"There is a need to address the urgent need to improve availability of rice in the country, to prevent artificial rice shortage, reduce the prices of rice in the market, and curtail the prevalence of corruption and cartel domination in the rice industry."
- President Rodrigo Duterte
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What will happen?
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Liberalisation of rice importation will be highlighted. A tax will be required to pay by the importers. Southeast Asians will be paying 35% of tax from their total import while Non-ASEAN countries will pay 50% of tax from their total import or tax dictated by the World Organisation.
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