DA, DOF eye lower rice tariffs

Transcript

00:00 The Departments of Agriculture and Finance are agreed on slashing rice tariffs by up

00:04 to 17.5 percent, even if it means government losing some 10 billion pesos in revenues.

00:10 But lower tariffs put the farmers and consumers in a much better position with imported rice

00:14 prices going down 4 to 5 pesos a kilo.

00:18 Our Soojin Kim dwells more on a higher budget for next year to focus on expanded irrigation

00:23 and greater production target of a five metric ton yield per hectare.

00:28 The Department of Agriculture extends their gratitude to President Ferdinand R. Marcos

00:34 Jr. for his unwavering support to the agency amid the challenges that threaten agricultural

00:40 productivity and price stability among consumer basket items like rice.

00:44 We're very happy with the support that our President, President Bongbong Marcos Jr. is

00:50 giving.

00:51 We really need also support from other agencies, especially DOF.

00:55 Still the Department is calling for structural and policy changes including amendments in

01:00 the rice tariffication law.

01:02 Assistant Secretary Arnel De Mesa says should rice tariffs fall 17.5 percent, there would

01:07 be a 4 to 5 peso dive in prices of imported rice.

01:11 Some economists stand in agreement with this policy change.

01:14 The issue of tariff duties should be addressed.

01:18 Everything will be benefited.

01:20 Department of Finance Undersecretary Dominique Velasquez says there will be around a 10 billion

01:25 peso loss in revenues should rice tariffs be adjusted to 15 to 20 percent, but is certain

01:30 that on the part of the DOF, this would be acceptable as long as it helps bring rice

01:34 prices down.

01:35 House Speaker Martin Ramaldas expects this to help make rice more affordable without

01:40 undermining local farmers' livelihood.

01:42 He adds this requires the cooperation of not only government agencies but also market players

01:48 and local producers.

01:50 On another note, Agriculture Spokesperson De Mesa says the DA aims to raise productivity

01:55 to at least 5 metric tons per hectare.

01:58 This as current production yield or supply settles at 13.2 million metric tons while

02:03 daily consumption of Filipinos is at 13.5 million metric tons.

02:08 Further adding that there should also be a 60 to 90 day buffer stock readily available

02:12 at all times.

02:14 Hence why the DA is asking for a budget increase to 513 billion from their current 208 billion

02:19 from which they would allot half for irrigation activities.

02:24 He says with their current budget, it will take us 100 years to fully irrigate the potential

02:33 irrigable area.

02:35 Both the DA and DOF aim for a minimum 10 peso slash in a kilo of rice production cost.

02:41 Sujan Kim from the National TV Network for the New and Better Philippines.