President Rodrigo Duterte approved on Saturday (May 15) the National Economic and Development Authority (NEDA) Board’s recommendations for an interim reduction of the Most Favoured Nation (MFN) tariff rates on imported rice.
Under Executive Order (EO) No. 135 (s. 2021), the MFN tariff rates for rice were reduced to 35% from 40% (in-quota) and 50% (out-quota) for a period of one year in order to diversify the country’s market sources, augment rice supply, maintain the affordability of prices, and reduce pressure on inflation.Â
In a press statement, the Office of the President (OP) said the tariff reduction took into consideration the increase in global rice prices and the uncertainties surrounding the steady supply of rice in the country.
Meanwhile, under EO No. 134 (s. 2021), the tariff rates for pork products were further modified in recognition of the plight of all concerned sectors and stakeholders, including the local hog industry.
The MFN tariff rates for pork products will be 10% for in-quota purchases and 20% for out-quota volumes for the first three months, and 15% for in-quota and 25% for out-quota for the next nine months.
‘In-quota’ refers to purchases within the minimum access volume (MAV) while ‘out-quota’ refers to purchases outside the MAV.
The new tariff rates aim to make pork products available and affordable while attending to the concerns of all stakeholders, given the continuing spread of African swine fever and its adverse effects.Â
These tariff rates are higher than those provided for in EO 128, which were objected to by stakeholders of the local hog industry.Â
Read more: http://152.42.253.13/da-confident-pork-price-wont-rise-due-to-eo-on-pork-import-tariff1/
A related order, EO 133, signed by the President on May 10, raises the MAV for pork imports to 254,210 metric tons for 2021 from the current 54,210.
The OP said these orders are meant to ensure food security, protect consumers, and reduce inflation.
– (OP) CF/jlo
