The Department of Finance (DoF) said the government stands to lose “less than P10 billion” in revenues by further reducing tariff rates on rice temporarily—an amount that the agency said it was willing to forego just to tame inflation.
While the projected revenue loss from lower rice import duties was still based on preliminary estimates, Finance Undersecretary Domini Velasquez said the amount won’t matter that much if the measure can bring down the prices of the staple grain by P4 to P5 a kilo.
“So, on the DOF’s part, we’re willing to forego that tariff loss just to make sure that inflation, also, is down,” she said during the Kapihan sa Manila Hotel on Wednesday.
The Department of Finance (DoF) said the government stands to lose “less than P10 billion” in revenues by further reducing tariff rates on rice temporarily—an amount that the agency said it was willing to forego just to tame inflation.
While the projected revenue loss from lower rice import duties was still based on preliminary estimates, Finance Undersecretary Domini Velasquez said the amount won’t matter that much if the measure can bring down the prices of the staple grain by P4 to P5 a kilo.
“So, on the DOF’s part, we’re willing to forego that tariff loss just to make sure that inflation, also, is down,” she said during the Kapihan sa Manila Hotel on Wednesday.
President Marcos issued Executive Order No. 50 last year to maintain the reduced tariff rate of 35 percent on rice until the end of 2024.
That presidential order also extended the effectivity of lowered import duties on corn and meat products to tame stubbornly high inflation. Source: Inquirer.net
