The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) expressed support to Finance Secretary Ralph Recto’s proposal to reduce import tariffs on rice, saying this would ease inflation and stabilize the price of the staple.
Dr. Cecilio Pedro, president of FFCCCII, said lowering rice tariffs would address inflation worries, while promoting economic stability.
He emphasized FFCCCII’s commitment to supporting Filipino farmers and fishermen. He also called for a dialogue with the Department of Agriculture (DA) to strike a balance between supporting local rice producers and the need to strengthen the nation’s economic resilience.
The group also reaffirmed its advocacy for modernizing agricultural technologies and providing essential support to boost rural incomes and ensure food security across the Philippines.
Recto underscored the significance of tariff reduction amid declining global rice prices to meet the target of lowering rice prices by 20 percent by September 2024.
He said the measure would deliver more affordable rice to the consuming public, as rice imports substantially supplement the nation’s staple supply.
FFCCII said it remains committed to fostering socioeconomic prosperity and advocating for the welfare of all stakeholders in the Philippines.
