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'It's an Illegal Executive Order. And It's Stealing.'

The article discusses the controversy surrounding an executive order issued by President Ferdinand Marcos Jr. of the Philippines, which imposes a tariff reduction on imported rice from 35% to 15%. Critics, including former Agriculture Secretary Leonardo Montemayor, argue that this order is illegal as it bypasses the legislative process required for tariff modifications under the Customs Modernization and Tariff Act. The order is seen as an attempt to lower rice prices, but critics claim it could lead to revenue losses for the government and might not effectively reduce retail prices due to other market factors like hoarding and profiteering. Additionally, there are concerns about the impact on local farmers, who might face increased competition from cheaper imports, potentially leading to a decline in domestic rice production. The article also mentions that this move could be part of a broader strategy to manage inflation and food security, but it has sparked debate over its legality and economic implications.

Read the Full MSN Article at:
[ https://www.msn.com/en-ph/news/politics/it-s-an-illegal-executive-order-and-it-s-stealing/ar-AA1y0iif ]