THE National Economic and Development Authority (NEDA) Board (composed of various Cabinet secretaries and headed by the President) recently approved the reduction of tariffs on rice imports to 15 percent from 35 percent until 2028. NEDA Secretary Arsenio Balisacan justified the move as a way of taming food inflation, to which rice contributes over 20 percent.

Expectedly, so-called farmers groups — actually lobby groups promoting their parochial sectoral or business interests regardless of their overall impact on the economy — immediately raised a howl of protest. The NEDA approval is still not final until we see the President issuing an executive order to this effect.