Govt to consider restoring high tariffs on rice imports

Title Rebalancing the Rice Market A Call to Restore High Tariffs on Imports

The Philippines' agricultural sector has been grappling with declining palay farmgate prices, prompting calls for the government to restore high tariffs on rice imports. In response, the Marcos administration's economic team convened a meeting to discuss the proposal of the Committee on Tariff and Related Matters (CTRM) to reimpose the higher duties.

The Importance of High Tariffs

When the Philippines reduced its rice import tariff from 35 to 15 percent in June, it aimed to address concerns about food prices, inflation, and economic growth. However, with global rice prices subsequently declining, a surplus of cheaper imported rice has flooded the local market, driving down palay farmgate prices to alarming levels.

Farmers' organizations, such as the Federation of Free Farmers (FFF), have urged policymakers to take action to stabilize prices and protect their livelihoods. Reimposing high tariffs would help level the playing field for domestic farmers, ensuring they receive a fair price for their crops.

Striking a Delicate Balance

The CTRM, co-chaired by Socioeconomic Planning Secretary Arsenio Balisacan and Trade Secretary Cristina Roque, aims to balance the need for affordable food prices with the need to protect farmers' incomes. To achieve this balance, policymakers must carefully consider multiple factors, including inflationary pressures, economic impacts, and market efficiency.

Fidelity in Policymaking

To ensure a balanced approach, policymakers must demonstrate fidelity to principles of fairness, sustainability, and long-term development. Restoring high tariffs on rice imports is a crucial step towards creating a more level playing field for domestic farmers, ensuring their continued participation in the industry and preserving food security.

Conclusion

The restoration of high tariffs on rice imports presents a critical opportunity for the Marcos administration to demonstrate its commitment to supporting Filipino farmers and promoting sustainable agricultural development. By striking a balance between consumer affordability and farmer incomes, policymakers can create a more resilient and equitable rice market, ultimately benefiting both producers and consumers alike.

Keywords rice imports, tariffs, palay farmgate prices, agricultural development, food security, fidelity in policymaking

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Edward Lance Arellano Lorilla

CEO / Co-Founder

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