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Senate adopts resolution to restore 35 percent rice tariff
The Senate adopted a resolution urging President Marcos to reinstate the 35% tariff on imported rice, reverting it from the current 15%.
This move aims to reduce farmers' income losses, strengthen domestic rice production, and restore government revenue.
Senator Francis Pangilinan highlighted that low world market prices for rice this year and the threat of imported rice to local harvests necessitate the tariff increase.
The resolution also calls for the reinstatement of the "most favored nation" tariff rate ahead of the end of the President's 60-day rice importation ban.
Restoring the 35% tariff rate could potentially recover P27 billion in government revenue, which could have funded the Rice Competitiveness Enhancement Fund.
Executive Order No. 62, issued in June 2024, reduced the rice import tariff to 15%.
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