MALACAÑANG welcomed on Thursday, November 15, the Senate's approval on third and final reading of the rice tariffication bill, a priority measure of President Rodrigo Duterte that will lift restrictions on rice importation.
"The Palace expresses its gratitude to the Senate for passing on third and final reading the Rice Tariffication Bill," Presidential Spokesperson Salvador Panelo said in a statement.
Panelo's statement came a day after the Senate approved Senate Bill (SB) 1998, which seeks to liberalize importation in a bid to lower rice prices and help tame the soaring prices of price, which are driving up inflation.
Under SB 1998, a 35-percent duty will be imposed on rice imports from the Association of Southeast Asian Nations member-states, while a 50-percent rate will apply to imports from non-members of the regional bloc.
The measure also seeks the annual appropriation of P10 billion for the rice fund to ensure rice production competitiveness.
The House approved its counterpart measure in August.
The bicameral conference committee will be convened to settle differences between the two versions of the bill.
Panelo said the Palace was optimistic that the bilateral committee would come up with a consolidated version of the rice tariffication measure.
He stressed that Duterte wanted the passage of the bill, as it would "improve the availability of rice in the country to prevent artificial rice shortage, reduce the prices of rice in the market, and curtail the prevalence of corruption and cartel domination in the rice industry."
"We remain optimistic that the bill would also run smoothly during the bicameral conference committee deliberations by both houses of Congress," he said.
"We are likewise confident that through the enactment of this bill into law, we would be able to protect the rice industry from sudden price fluctuations and eventually ease the burden of the Filipino consumers from soaring prices," the Palace official added. (SunStar Philippines)