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Rice tariff reduction cost less than P10B

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REVENUE losses from a proposed lowering of rice tariffs will be less than P10 billion and will be worth it if inflation goes down and rice prices fall, a senior Finance department official said.

'Currently, the estimate is less than P10 billion in revenues if this happens,' Finance Undersecretary Domini Velasquez said, adding that the 'the loss ... doesn't really matter if we can actually reduce prices by P4 to P5.''n the DoF's part, we're willing to forego that tariff loss just to ensure inflation also goes down,' she added.

Velasquez said the proposal involves a cut to 15-20 percent.'e're now looking at how this can help, especially since there's a lean season until around September,' she added.Rising rice prices were a factor in a recent rise in inflation, which is again threatening to breach the 2.0- to 4.0-percent target.The rate picked up to 3.8 percent this month and could top 4.

 

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