MANILA, Philippines—President Rodrigo Duterte reduced the tariff for imported rice on Saturday to ensure food security and protect consumers in the world’s biggest importer of the grain.
The country, which is battling elevated inflation, took into consideration the increase in global rice prices and uncertainties in local rice supply, the president’s office said in a statement.
In an executive order, Duterte cut the Most Favoured Nation (MFN) tariff rates on rice to 35% from 40% for in-quota purchases and 50% out-quota volume for one year “to diversify the country’s market sources, augment rice supply, maintain prices affordable, and reduce pressures on inflation.”
In Janu…
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