The economic research group Ibon Foundation on Tuesday warned that the rice tariffication law would neither improve the productivity of local farmers, lower the price of rice, or ensure a stable rice supply unless the government gave substantial support to agriculture. The rice tariffication law replaces volume restrictions and allows unlimited rice importation, with a 35-percent tariff on rice imports from members of the Association of Southeast Asian Nations (Asean) and 50 percent from non-Asean countries. Under the law, a P10-billion rice competitiveness enhancement fund will be taken from the tariff revenues to support Filipino farmers for six years. Beyond controlBut Ibon said the law could not control the global prices of rice or prevent possible price manipulation by domestic rice traders. Rice production [in] Vietnam and Thailand is subsidized and incentivized, making their rice cheap.

Source: Philippine Daily Inquirer February 19, 2019 21:33 UTC