February 23, 2004

Philippines Mulls Soymeal Tariff Suspension As Relief For Livestock Industry
 
The Philippine Department of Agriculture has asked the Tariff Commission to remove the 3% tariff on imported soybean meal for six months, Agriculture Secretary Luis Lorenzo said Monday.
 
Lorenzo said the tariff suspension is intended to provide the livestock and poultry industry some relief from rising feed costs.
 
According to Lorenzo, the removal of the tariff would translate to about 300 million pesos ($1=PHP56.155) in savings for the livestock, poultry and feed milling industries.
 
Soybean meal is a major source of protein in animal feeds.
 
The government earlier this month approved a request made by feed millers as well as livestock and poultry farmers to bring in 350,000 tons of corn at zero-tariff as a respite from high corn prices in both the domestic and international markets.
 
Corn is a major component of livestock and poultry feeds and corn imports face a tariff of 35 to 50%.