The Economy and Development (ED) Council approved on Tuesday the recommendation of the Tariff and Related Matters Committee (TRMC) to keep the current Most Favored Nation (MFN) tariff rate on rice imports at 15 percent until the end of 2025.
The decision covers in-quota and out-quota imports, according to the Department of Economy, Planning and Development (DEPDev), after it announced the decisions of the Council, chaired by President Ferdinand R. Marcos Jr.
The President signed Executive Order (EO) 102 on Oct. 30 to extend the suspension on importation of regular and well-milled rice until Dec. 31.
With the Council approval, “a more gradual and flexible tariff adjustment shall be adopted (starting Jan. 1 next year), with adjustments by 5 percentage points per 5 percent change in international prices, subject to a minimum rate of 15 percent and a maximum rate of 35 percent.”
“The TRMC’s recommendation is part of a broader government strategy to ensure stable rice prices and protect both farmers and consumers, while safeguarding macroeconomic stability,” the DEPDev said in a press release.
DEPDev Secretary and ED Council Vice Chairperson Arsenio Balisacan explained that “the recent President’s decision — upon the Department of Agriculture’s recommendation — to extend the rice import ban until the end of December renders the rice tariffs redundant, as they no longer affect local market prices.”
Among other measures approved by the Council is the PHP38.27-billion Program for Learning Upgrading and School Development of the Department of Education.
Funding for this program, eyed to improve learning outcomes of students from Kindergarten to Grade 10, and to strengthen education management, is proposed to be sourced through an official development assistance loan from the World Bank.
“This project underscores the government’s commitment to human capital development — ensuring that education reforms reach every Filipino learner, especially those in disadvantaged areas,” Balisacan said. (PNA)