INQUIRER FILE PHOTO
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has approved the recommendation of the National Economic and Development Authority (Neda) to extend lower tariff on pork, corn, coal, and rice to address supply issues and temper inflation.
According to a statement from the Office of the Press Secretary (OPS), the endorsement by the Board’s Committee on Tariff and Related Matters was approved Friday during the Neda Board meeting presided by the President.
The Neda earlier recommended the temporary lowering of tariff rates on pork, corn, rice and coal until Dec. 31, 2023, but with the extension Socioeconomic Planning Secretary Arsenio Balisacan said the extension will “provide relief to poor and vulnerable segments of the Filipino population whose welfare is reduced because of high inflation.”
“Through this policy, we shall augment our domestic food supplies, diversify our sources of food staples, and temper inflationary pressures arising from supply constraints and rising international prices of production inputs due to external conflict,” he added.
Based on the Board’s recommendation, the reduced tariffs on meat of swine, corn, and rice shall revert to their original rates after Dec. 31, 2023, while the zero duty on coal shall be applied beyond Dec. 31, 2023.
Balisacan said these include the expected reopening of China’s economy, moderating global oil prices, easing of aggressive monetary policy tightening, and sustained remittance inflows.
“We are determined to steer the Philippine economy to meet the 6.0% to 7.0% economic growth target for 2023, as set by the NEDA Board’s Development Budget Coordination Committee or DBCC,” Balisacan pointed out.
RELATED STORIES
British business group backs extension of lower tariffs on meat
Philippines to cut tariffs on electric vehicles, parts