June 7, 2024

Philippines retains reduced tariffs on corn, pork, and mechanically deboned meat

The Philippines' National Economic and Development Authority (NEDA) Board has decided to maintain reduced tariff rates on corn, pork, and mechanically deboned meat to ensure a stable supply of these essential commodities, Philippine Information Agency reported.

The decision was made during the NEDA Board's 17th meeting on June 3, 2024, chaired by President Ferdinand R Marcos Jr. At this meeting, the Board approved the new Comprehensive Tariff Programme for 2024 to 2028.

This move aims to manage inflation, promote policy stability, support investment planning, and enhance food security, according to NEDA.

In addition to maintaining tariffs on corn, pork, and mechanically deboned meat, the NEDA Board also retained tariffs on other agricultural products. These include complete feeds, and feed preparations.

NEDA Secretary Arsenio Balisacan said the comprehensive tariff review is conducted every five years.

The new multi-year tariff schedule is designed to help the economy achieve and balance several critical policy objectives, Balisacan added.

President Marcos is expected to issue an executive order to implement the new tariff programme.

Alongside a liberalised policy regime for crucial food quantities, aimed at mitigating the impact of commodity shocks and local price fluctuations, Balisacan emphasised the necessity of long-term and permanent solutions to modernise and improve the productivity of the agriculture sector. This approach is essential for a comprehensive and sustainable response to supply constraints and food inflation, he noted.

-      Philippine Information Agency