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Gov't anti-inflation body urges extension of lower tariffs on rice, pork, corn

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Lady Vicencio, ABS-CBN News

MANILA - As inflation rose to 6.1 percent in September, the Inter-agency Committee on Inflation and Market Outlook has recommended the extension of Executive Order No. 10 which set the lower tariff for rice, corn and pork, an official said on Friday.National Economic and Development Authority Secretary Arsenio Balisacan told reporters on Friday that the committee is urging for an extension of the lower tariff rates for rice, corn, and pork to address supply woes. The committee suggested retaining the tariff for rice imports at 35 percent until December 31, 2024. The measure meant to keep it at this level expires on Dec. 31, 2023. “While world prices are still very much elevated, we don’t want to see further increases in local prices by raising now the tariff,” Balisacan said. The committee arrived at the recommendation as rice inflation hit 17.9 percent in September, the highest in 14 years.Balisacan said that the proposal will have to go through consultation and assessment by the Tariff Commission but must be decided on by President Ferdinand Marcos Jr. before the Executive Order expires.He said tariffs will rise if the EO is not extended, and this means higher prices of corn, pork, and rice. The NEDA chief said the goal is to keep these goods affordable for consumers.<figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2732375" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>Meanwhile, the Philippine Association of Feed Millers (PAFMI) renewed its call to standardize a 5 percent tariff on corn imports.The group said that it does not see any adverse effect from lower tariffs on local corn farmers if locally-produced corn stays within quality standards.“With corn as the most preferred feed energy source, it is crucial that we ensure that the demands of the industry are met so we can produce quality meat, poultry, and eggs for Filipino consumers at affordable prices. One of the ways we can achieve this is by keeping the tariffs low and allowing importers to help fill our supply gaps,” PAFMI President Edwin Mapanao said.Inflation remains the most urgent concern of Filipinos, according to a survey by Pulse Asia Research Inc.The study further showed that Filipinos’ disapproval of the government’s handling of inflation had risen by 19 percentage points. The approval ratings of President Ferdinand Marcos Jr. and Vice President Sara Duterte fell in the third quarter of 2023, according to Pulse Asia. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/05/23/inflation-quickens-in-september-to-61-percent">Inflation quickens in September to 6.1 percent despite rice price cap</a></li></ul><div> </div>

The government body tasked to fight inflation is urging for an extension of the lower tariff rates for rice, corn, and pork to address supply woes. 

Gov't anti-inflation body urges extension of lower tariffs on rice, pork, corn

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Gov't anti-inflation body urges extension of lower tariffs on rice, pork, corn

Lady Vicencio,

ABS-CBN News

Published October 06, 2023 04:48 PM PHT

Read More:

NEDA

National Economic and Development Authority

inflation

tariff

rice

pork

corn

Inter-Agency Committee on Inflation

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