Fil-Chinese biz chamber backs rice tariffication

THE Federation of Filipino-Chinese Chambers of Commerce and Industry (FFCCCII) has joined other business groups in expressing full support for the law imposing tariffs on rice imports in lieu of quantitative restrictions.

The chamber believes the law is a “much-needed reform” that will ease negative effects of inflation especially on the poorest of the poor, the Department of Finance (DOF) revealed in a statement.

In a letter to President Duterte, the FFCCCII said the rice tariffication bill would benefit the lowest-income families, as this staple accounts for a hefty part of their daily household expense.

“Rice is the staple food of our nation and it comprises almost 20 percent of the household expense of low-income households. We believe that by removing the impor t quotas on rice and replacing them with tariffs, the price of rice will significantly be lower as there will be competition, and the lack of available cheap rice will no longer be an issue,” the FFCCCII said in a letter signed by its president, Domingo Yap.

A copy of the letter was also sent to Finance Secretary Carlos G. Dominguez III, who believes that this import liberalization measure will help the government further ease inflation.

The group, likewise, pointed out that the rice tariffication bill will ensure that local farmers would also benefit from this consumer-friendly measure through the Rice Competitiveness Enhancement Fund, which will provide them with assistance programs, loans, grants and aid needed to modernize rice farming, as well as funds for the development of inbred rice seeds and skills enhancement.

“This measure is a much-needed reform that will help our countrymen,” the FFCCCII said ahead of the President’s signing into law of the rice tariffication bill.

Earlier, a joint statement was signed by nine other business organizations which also expressed their support for rice tariffication.