The National Economic and Development Authority (NEDA) said the government’s economic managers will suggest to President Rodrigo Duterte to certify as urgent a bill that will replace the quantitative import restrictions on rice with tariffs. Senate Bill 1476, filed by Sen. Ralph Recto, seeks to replace the quantitative import restrictions on rice with a bound tariff rate system under the World Trade Organization (WTO) . The extended quantitative restrictions on rice expired on June 30, creating the need to pass a law replacing the rice import quotas. Quantitative restrictions limits the volume of agricultural goods traded by a country. 2020 is quite distant, so we hope that the approval of the tariffication will come sooner so that we don’t have to be extending concessions,” Pernia noted.

Source: Manila Times July 12, 2017 18:00 UTC