Updated (5:49 p.m.)ADVERTISEMENTMANILA, Philippines — President Rodrigo Duterte is expected to sign the rice tariffication bill into law anytime soon, Malacañang said Wednesday. In October, Duterte certified as urgent the rice tariffication bill, which seeks to streamline rice importation and allow private traders to import the staple from countries of their choice. 1998, which seeks to replace the present quotas on rice importation with rice tariffs instead, last month. READ: Bicam panel okays rice tariffication billOnce the bill is signed by the President, the National Food Authority (NFA) will lose its power to import and distribute cheaper rice, pushing the government-subsidized rice out of the market. ADVERTISEMENTPanelo, however, insisted that liberalization in the rice market will foster competition which will result in lower prices of rice.

Source: Philippine Daily Inquirer December 19, 2018 09:16 UTC