Executive Order 62, signed by President Ferdinand Marcos Jr. just last week, cut the import duty on rice to 15 percent from an already-lowered 35 percent up to 2028 in a bid to keep inflation under control.Instead of the usual 30-day effectivity period that will apply to other tariff program changes under EO 62, the rice tariff cuts will be fast-tracked to next week.
Minimal impactIn a related development, the rice tariff cuts set to take effect next week will only have a minimal impact on inflation, a senior Bangko Sentral ng Pilipinas official said.'Our internal estimate is about 0.27 percentage point over a 12-month period,' BSP Senior Assistant Governor Iluminada Sicat told reporters at the sidelines of a Manila Times economic forum last week.However, with the tariff cuts to take effect next month, 'you won't get the full impact of the 0.
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Source: TheManilaTimes - 🏆 2. / 92 Read more »