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The Inter-agency Committee on Inflation and Market Outlook (IAC-IMO) has recommended extending the lowered tariff rate on rice until the end of 2024, according to National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan.
The IAC-IMO recommended extending the lower Most Favored Nation (MFN) tariff rate on rice until December 2024. I Photo: Bongbong Marcos Facebook
"To address the increasing price of rice and ensure sufficient supply through timely and adequate importation, the IAC-IMO recommends extending the lower Most Favored Nation (MFN) tariff rate on rice until December 2024, subject to review in July 2024," stated Secretary Balisacan in a recent announcement.
The interagency committee, chaired by the NEDA Secretary, made this recommendation during a meeting on October 3.
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