There’s no way that the government will go back to its previous system in terms of rice imports as the Rice Tariffication measure has been approved into law.
The recent declaration of President Rodrigo Duterte in terms of putting a halt on rice imports might be temporary, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said.
“The concern is that since it is harvest season, rice prices might go even lower. So, it might be temporary,” Diokno said on the sidelines of the EGov Pay and QR Ph launch in Manila City.
According to him, there’s no way that the government will go back to its previous system in terms of rice imports as the Rice Tariffication measure has been approved into law.
Also, the BSP chief said that such move by the President won’t have any impact on inflation as there are quite enough imports that are yet to enter the Philippine market.
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“It will not (affect inflation),” he stressed.
Latest data from the Philippine Statistics Authority bared inflation at 0.8 percent for the month of October, the lowest it has been for the year and was seen to normalize in the last two months of the year as the impact of base effects dissipate.
Finance Secretary Carlos Dominguez III earlier said that the liberalization of the staple grain, which have already generated some P11.4 billion, will help ensure the adequacy of rice supply in the Philippines.
“Liberalized rice trading ensures ample rice supplies in the domestic market. We will no longer be vulnerable to price spikes brought about by supply uncertainties. We must trust the market to weave its rationalities on our most basic food item,” Dominguez said.
Likewise, the Cabinet official said that the observed challenges in the rice sector would be temporary and that the government have already acted upon such decisively.
“We are confident that these transition challenges are temporary. There is no inclination to repeal, revise or suspend the Rice Tariffication Law. We are confident that this is the best means to move our agriculture sector forward and foster competitiveness,” he added.
To recall, Socioeconomic Planning Secretary Ernesto Pernia shared the same sentiment noting that they won’t stop implementing the Rice Law as doing such would have dire consequences.
