Siete (Seven Pesos) 2024

In February 2019, the Duterte administration passed the Republic Act No. 11203, or the Rice Tariffication Act of 2019, which "aims to lift the quantitative restriction (QR) on rice imports and replace it with a general tariff. However, the influx of cheap imported rice and its adverse impacts on domestic rice prices and farmers’ income were among the significant concerns against the new law.