House to suspend sessions to allow Duterte to lower importation tariff
The House of Representatives will adjourn its sessions from Aug. 16 to 27 to allow President Rodrigo Duterte to lower importation tariffs or taxes on some basic goods, House Majority Leader Rolando Andaya, Jr. said on Monday.
“One of the reasons would be to allow the President to zero out and reduce the tariffs,”Andaya said in a press conference, adding that President Duterte is currently “considering” reducing the tariff on fish and corn.
While sessions will resume on Aug. 28, the House leader said all other committee hearings would proceed as scheduled.
Andaya said this is mandated under the country’s Tariff and Customs Code.
Under the law, the President, upon investigation by the Tariff Commission and recommendation of the National Economic Council, is empowered “to reduce by not more than fifty percent or to increase by not more than five times the rates of import duty expressly fixed by statute (including any necessary change in classification) when in his judgment such modification in the rates of import duty is necessary in the interest of national economy, general welfare and/or national defense.”
The law further stipulates that the authority could be granted to the President “only when Congress is not in session.”
Importing products at reduced tariffs was one of the moves suggested to President Duterte to address the rising rate of inflation in the country.
The government has reported that the inflation went up to 5.7 percent in July. It was the fifth straight month that the rate of price increase breached the Central Bank’s 2 to 4 percent target for this year.
READ: Inflation peaks to new over 5-year high of 5.7% in July
The Philippine Statistics Authority’s (PSA) has attributed the increase in prices of basic goods and services to a 7.1-percent year-on-year increase in the price of food and nonalcoholic beverages, as well as to higher fuel and transport costs. /vvp
READ: Food, fuel costs push up inflation
