Rice tariffication to start March 5, not March 3, clarifies FinanceBy The Manila TimesTHE newly-signed Rice Tariffication Act will take effect March 5 instead of March 3, as announced previously, the Department of Finance (DoF) said on Tuesday. That would be 15 days after posting of the law on the Official Gazette,” Finance Assistant Secretary Antonio Joselito Lambino 2nd said. President Rodrigo Duterte signed Republic Act 11203 last Friday, the last possible day he could do so or veto the measure before it lapsed into law amid concerns raised by farmers and the Department of Agriculture. A 35-percent tariff will be implemented for rice bought from Association of Southeast Asian Nations (Asean) neighbors regardless of quantity, Lambino said. A higher 40 percent tariff will be slapped on rice imports within the minimum access volume (MAV) of 350,000 metric tons (MT) and go up to 180 percent for out-quota shipments sourced from non-Asean countries.

Source: Manila Times February 19, 2019 05:15 UTC