February 10, 2022

The Philippines collected US$73 million in pork import duties

The Philippines' Department of Finance (DoF) said the country's Bureau of Customs has collected PHP 3.75 billion (~US$73 million; PHP 10 = US$0.20) in import duties between April 9 last year to January 28, 2022, The Manila Times reported.

The total volume of pork imported in that period was 242 million kg.

But a presidential executive order on April 7, 2021, to lower pork import tariffs meant the bureau estimated a loss of PHP 4 billion (~US$78 million) in revenue during that period, said the DoF.

The executive order was issued after the country was ravaged by an African swine fever outbreak, which devastated local swine production. The order was intended to slow down inflation by increasing pork supply and stabilising retail prices.

-      The Manila Times