Fil-Chinese businessmen back proposed rice tariff cuts to combat inflation

The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), led by its president Cecilio Pedro, said on Friday that it supports Finance Secretary Ralph Recto's proposal to reduce rice tariffs below the current 35 percent until the end of the year.

FFCCCII president Cecilio Pedro

The largest group of Filipino-Chinese businessmen want lower rice import tariffs to help combat inflationary pressures.

This initiative aims to mitigate inflationary pressures from high rice prices, the group said in a statement.

Pedro emphasized that lowering tariffs could address inflation concerns for Filipino consumers and promote economic stability.

The FFCCCII said it also advocates for modernizing agricultural technologies and supporting rural incomes to ensure food security.

Sec. Recto earlier said that reducing tariffs is crucial amid declining global rice prices to make rice more affordable, aligning with the Department of Finance's goal to cut rice prices by 20 percent in September.

The FFCCCII also said it is committed to fostering socioeconomic prosperity and supporting Filipino farmers and fishermen through a balanced approach in collaboration with the Department of Agriculture.