MANILA – The Federation of Filipino-Chinese Chamber of Commerce and Industry (FFCCCII) on Wednesday expressed support for the proposed rice tariffication bill, which lapsed into law on Friday.
Convincing President Rodrigo Duterte to sign the bill, the FFCCCII sent him a letter saying that the bill will help poor families to afford rice amid inflation.
“We believe that by removing the import quotas on rice and replacing them with tariffs, the price of rice will significantly be lower as there will be competition,” FFCCCII president Domingo Yap said.
The group also said that the proposed rice tariffication bill will help farmers due to its consumer-friendly measure.
With the creation of a Rice Competitiveness Enhancement Fund (RCEF), farmers can avail assistance programs, loans, grants, and aid that they need to upgrade their farming, according to FFCCCII.
Nine other business groups showed their support earlier for the bill through a joint statement.
Among the business groups who supported the bill were the Management Association of the Philippines (MAP), American Chamber of Commerce of the Philippines (AmCham), Bankers Association of the Philippines (BAP), and Financial Executives Institute of the Philippines (FINEX).
Foundation for Economic Freedom (FEF), Judicial Reform Initiative (JRI), Makati Business Club (MBC), Philippine Investment Funds Association (PIFA), and the Semiconductor and Electronic Industries in the Philippines Inc. (SEIPI) also signed the joint statement backing the bill.
The statement read, “Consumers must be freed from food supply apprehension and provided with price stability at an affordable level. This measure will address those concerns through free and open competition.”
Last year, the Senate and House of Representatives ratified the bill and was transmitted to Malacanang, but the President has yet to sign it into law to date.
Budget secretary Benjamin Diokno, meanwhile, expressed certainty that President Rodrigo Duterte will not veto the proposed rice tariffication bill.
If the President does not sign the bill, it will lapse into law within 30 days from receipt of his office. (GMA News)
