Barely two years after its enactment, the effectiveness of Republic Act 11203 or the Rice Tariffication Law (RTL) has again been thrust into the spotlight. The RTL, which was passed into law last February 2019, removed the quantitative restriction (QR) or import ban on rice to make the staple more affordable to consumers and address the country’s periodic rice shortages. It also aimed to prevent the monopoly of rice cartels and private traders, and decrease the country’s inflation rate. In a report by the Philippine Star, National Economic Development Authority (NEDA) Acting Socioeconomic Planning Secretary Karl Chua stated that the long-term benefits of the RTL would gradually take into effect as the rice market re-calibrates and completes its transition.
Read the full news report at The Philippine Star:
Link: https://www.philstar.com/business/2020/10/09/2048154/rice-tariffication-law-boost-gdp-neda