House Agriculture Committee and ANAC-IP Rep. Jose T. Panganiban, Jr., today said the urgency in the passage of the rice tariffication bill has reached its tipping point, as inflation climbed to a 9-year high of 6.4 percent in August.
Panganiban urged the Senate to fast-track its discussions on their version of the bill, which remains pending before the Agriculture and Food Committee.
“We are at a critical juncture already. I urge our counterparts in the Senate to urgently pass their version of the bill so we can do our part in lightening the burden of the people,” the solon said.
The House of Representatives approved on third and final reading last month House Bill 7735, which seeks to liberalize rice imports by replacing the quantitative import restrictions on rice with tariffs, and create the Rice Competitiveness Enhancement Fund.
The bill aims to protect producers of agricultural products, ensure food security and make the agricultural sector viable and globally competitive.
“Let us not allow our countrymen to go hungry.”
The country’s economic managers have encouraged the passage of the bill, with the National Economic and Development Authority saying that the price of rice could go down by as much as 4.31 pesos per kilogram, equivalent to P2,362 in savings for each Filipino household with five members per year.
Bangko Sentral ng Pilipinas Gov. Nestor Espenilla, Jr. said that food supply shocks particularly in rice contributed to the inflation hike.
“It is our responsibility to protect them from the damaging effects of rising prices in their quality of living.”
“An unfortunate confluence of cost-push factors continue to drive consumer price inflation in August beyond the acceptable target range. Much of it has to do with food supply shocks. Rice in particular. These warrant more decisive non-monetary measures to fully address,” he said.
Budget Sec. Benjamin Diokno said the contribution of rice to inflation is 0.7 percent, which could cause higher inflation rates in 2019 than the projected 2 percent to 4 percent range.
“Huwag natin hayaang magutom ang mga kababayan natin (Let us not allow our countrymen to go hungry). It is our responsibility to protect them from the damaging effects of rising prices in their quality of living,” Panganiban said.
