Filipino-Chinese business owners are supporting the suggestions of Finance Secretary Ralph Recto to temporarily lower the tariffs imposed on rice until the end of 2024.

"The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) supports the proactive move suggested by Finance Secretary Ralph Recto to further reduce tariffs on rice below the current 35 percent until the year's end. This initiative aims to alleviate the inflationary pressures caused by high rice prices," Dr. Cecilio Pedro, president of the FFCCCII said in a statement.

The Finance Department chief made the decision last week citing that world rice prices are already plummeting.

He said reducing rice import tariffs from the current 35 percent will help bring down rice prices in the market.

Executive Order (EO) 50 issued by President Ferdinand R. Marcos Jr. last year extended the reduced tariff rates of key agricultural commodities, including rice.

On the other hand, Dr. Pedro maintained that lowering tariffs holds the potential to address inflation worries for Filipino consumers and promotes economic stability.

Dr. Pedro also emphasized FFCCCII's commitment to supporting Filipino farmers and fishermen, advocating for a dialogue with the Agriculture Department to strike a balance between supporting local rice producers and the need to strengthen the nation's economic resilience.

"Moreover, FFCCCII reaffirms its advocacy for modernizing agricultural technologies and providing essential support to boost rural incomes and ensure food security across the Philippines," the statement said.

The FFCCCII remains committed to fostering socioeconomic prosperity and advocating for the welfare of all stakeholders in the Philippines, Dr. Pedro noted.