Philippines extends tariff cuts on food items, including pork

Published Dec 20, 2022

Tridge summary

Philippine President Ferdinand Marcos Jr. has extended lower tariff rates on rice and other food items until the end of 2023 to combat inflation, which is at a 14-year high. The tariff rate for imported rice will remain at 35%, while import levies on corn and pork products will remain between 5%-15% and 15%-25% respectively. The tariff for coal imports will remain at zero beyond the end of next year, but will be reviewed regularly. This policy aims to increase domestic food supplies, diversify food staples, and control inflation. The extension of tariff reprieve is expected to support the government's target of achieving economic growth of 6.0%-7.0% in 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Philippine President Ferdinand Marcos Jr has approved the recommendation of the economic ministry to extend up to the end of next year lower tariff rates on rice and other food items to help combat inflation, Reuters reported, citing the president's office on Sunday. The modified rates approved in 2021 were due to expire at the end of this year, but an inflation rate running at 14-year highs warranted an extension of the tariff reprieve until Dec. 31, 2023. That means the tariff rate for imported rice will stay at 35%, while the import levies on corn and pork products will remain at 5%-15% and 15%-25% respectively, the press secretary's office said in a statement. The tariff for coal imports, a key fuel in power generation, will remain at zero beyond the end of next year, but will be reviewed regularly. "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 ...

Source: Thepigsite