MANILA, Philippines — Removing quantitative restrictions on rice imports in favor of tariffs could slash the prices of the country's staple food by as much as P7 and lift hundreds of thousands of Filipinos from poverty, according to the Department of Finance. Rice is also a major driver of inflation, according to Beltran, the Finance department's chief economist. READ: Phl rice import dependence down to 5%Quantitative restrictions allow the country to limit the volume of rice imports with a tariff of 35 percent. “The tariff revenues that will be generated from rice imports can augment the funds used for the government's social welfare programs for the poor (e.g., Conditional Cash Transfer) and rice productivity programs that will enhance efficiency. READ: NFA: Rice imports won’t affect local supply

Source: Philippine Star December 18, 2017 14:03 UTC