MANILA -- Special Assistant to the President Christopher Lawrence Bong Go on Sunday said President Rodrigo Duterte has certified the rice tariffication bill as urgent.
Go said Senate Bill No. 1998 seeks to replace the Quantitative Restriction on rice and replace it with a tariff, or tax imposed on rice.
He added that tariffication of rice creates competitive market which means more rice availability and more reduced prices which in the end benefits the general public.
Meanwhile, he said this bill is consistent with President Duterte's pronouncement to curb corruption and institute good governance in the rice market.
"The measure will help achieve stability of rice supply because rice is imported easily to the country, therefore, helping bring down the prices; prevent artificial rice shortages; and curtail corruption and cartel domination in the rice industry," he said.
Inflation soared to a record high of 6.7 percent last month, with food and non-alcoholic beverages, which includes rice, contributing 9.7 percent to consumer prices. The bill is pending at second reading in the Senate. (PNA)
Source: Philippine News Agency