FILE PHOTO: Socioeconomic Planning Secretary Arsenio Balisacan. INQUIRER FILES
MANILA, Philippines — The extension of tariff cuts for essential agricultural goods would help stabilize food prices for Filipinos in the coming year, the National Economic and Development Authority (NEDA) said on Thursday.
In a statement, Socioeconomic Planning Secretary Arsenio Balisacan said that the reduced tariffs would help diversify market sources which would then ensure sufficient and affordable food supply in the country.
Balisacan pointed out that this measure will help reduce risks and help ease inflation caused by the onset of El Niño, worsening effects of African Swine Fever (ASF), and external pressures such as geopolitical tensions and export bans imposed by some countries.
He added thatmthat tariff cuts played a role in reducing the price of meat, corn, and rice in September this year.
Balisacan likewise emphasized the significance of enacting measures aimed at improving local food cultivation and increasing farmers’ efficiency.
Key measures involve continuous investment in irrigation, flood control, supply chain logistics, and adaptation to climate change.
“Short-term and long-term interventions need to work together to protect the purchasing power of Filipino households and boost the productivity and income of local producers,” he said.
“Doing so will ensure equitable and sustainable development for the country,” he added.
On December 22, President Ferdinand “Bongbong” R. Marcos Jr. signed Executive Order No. 50 which extended the reduced Most Favored Nation tariff rates on pork, corn, and rice until Dec. 31, 2024.
Under this new EO, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out-quota; while corn will be at five percent in-quota and 15 percent out-quota.
Meanwhile, tariff rates for rice will be at 35 percent for both in-quota and out-quota for the extended period.
The President said that the extension of lower import rates was due to the looming effects of the dry season and the ongoing effects of ASF.