NEDA, DBM sign IRR for rice tariff law: Palace

MANILA MalacaAang said Tuesday the implementing rules and regulations (IRR) for the rice tariffication law has already been signed by the National Economic and Development Authority (NEDA) and the Department of Budget and Management (DBM).

"The IRR is already signed by the NEDA and the DBM while it is still pending with the legal department of the Department of Agriculture (DA), Presidential Spokesman Salvador Panelo said in a statement.

Panelo said the IRR for the Rice Tariffication Act (Republic Act 11203) which President Rodrigo R. Duterte signed last February 15, was discussed during Monday night's Cabinet meeting in MalacaAang.

"The IRR is expected to formulate a rice industry roadmap for the development of this sector," Panelo said.

Rice tariffication will result in a switch from the previous quota system in importing rice to a tariff system, where rice can be imported more freely.

The law allows unlimited rice importation, but investors must first secure a phytosanitary permit from the Bureau of Plant Industry and pay the 35-percent tariff for shipments from Southeast Asia.

This is expected to result in a decline of as much as PHP7 per kg. in the domestic retail price of rice.

Various government agencies cited the gains of the law, such as giving farmers additional resources, reducing the price of rice, avoiding rice smuggling, and significantly reducing inflation. (PNA)

Source: Philippines News Agency

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