President Ferdinand R. Marcos Jr. on Tuesday disapproved the proposal to temporarily reduce rice tariffs to address the increase of rice prices in the market.
President Ferdinand "Bongbong" Marcos Jr. on Tuesday disapproved the proposal to temporarily reduce rice tariffs to address the increase of rice prices in the market.
Marcos thus disclosed after the sectoral meeting on Tuesday in Malacañang where NEDA presented updates on the proposed rice tariff reduction with inputs from the Department of Finance , Department of Trade and Industry and the Department of Budget and Management . “It was not the right time to lower the tariff rates because the projection of world rice prices is that it will go down," Marcos said.
"So, this is not the right time to lower tariffs. Tariffs are generally lowered when the price is going up,” he added.
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