DOF: Rice expected to drop by P7 per kilo

THE lifing of the quantitative restrictions (QR) on rice imports in favor of tariffs will bring down rice prices by as much as P7 per kilo, the country’s finance department estimates.

Finance Undersecretary, Gil Beltran in a statement, said a 35-percent import tariff on rice in lieu of restricting rice import volumes would encourage private traders to bring in the staple into the country, which would, in turn, allow the influx of cheaper rice in the domestic market.

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