Filipino-Chinese business owners have expressed support for Finance Secretary Ralph Recto’s suggestion to temporarily lower tariffs 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 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,” said Dr. Cecilio Pedro, FFCCCII president, in a statement.

Recto proposed the reduction last week, citing a decline in global rice prices. He argued that lowering rice import tariffs from the current 35 percent would help reduce rice prices in the local market.

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

Pedro highlighted that lowering tariffs could address inflation concerns of Filipino consumers and promote economic stability.

He emphasized the FFCCCII’s commitment to supporting Filipino farmers and fishermen, advocating for dialogue with the agriculture department to balance support for local rice producers with the need to enhance 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 read.