NEDA Secretary Arsenio Balisacan told reporters the lowering of the tariff on both in- and out-quota imported rice to 15 percent from 35 percent, approved by the NEDA Board last week, is intended to temper price increases of the staple as world market prices of rice, which have been rising since July last year, continue to go up.
He said the rising world market prices are also being reflected in the local markets and tariffs imposed on rice imports have an effect of increasing the price further.
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