THE HOUSE of Representatives was working on the approval on second reading of a bill seeking to impose tariffs on rice imports, a scheme which has been estimated to cut retail prices by up to P7 per kilo.
As of early evening Wednesday, the House was debating provisions of House Bill 7735, the “Revised Agricultural Tarrification Act,” which is among the priority bills identified by the Legislative-Executive Development Advisory Council.
Its counterpart measure, Senate Bill 1839, authored by Senator Sherwin T. Gatchalian, is pending at the committee level.
If passed, the proposed measure will replace the current system for importing rice via government procurement. The new import arrangements will be opened up to private parties, while inbound shipments will be subject to tariffs, to protect local farmers and also to raise funds to improve their productivity and competitiveness.
The bill provides for the creation of the “Rice Competitiveness Enhancement Fund,” financed from the duties collected.
The tariffs will also finance an endowment fund for credit subsidies and crop financing, among others. — Camille A. Aguinaldo
