Philippines extends tariff cuts on pork, deboned meat
The country aims to combat inflation and ensure ample supply
4 June 2024
1 minute read
By: A Philippine inter-agency panel led by the president has approved lower tariffs on rice and extended existing tariff cuts on some other commodities, including pork and mechanically de-boned meat, to combat inflation and ensure ample supply, Reuters reported, citing a minister on Tuesday.
Tariffs on rice will be cut to 15% for both in-quota and out-quota rates, down from 35%, through to 2028, Economic Planning Secretary Arsenio Balisacan told a press conference. Lower tariffs on corn, pork and mechanically de-boned meat were also extended until 2028.
The Southeast Asian nation will also lower import duties for chemicals and coal briquettes to reduce energy prices, Balisacan said.
The Philippines is one of the world's largest rice importers.
"This tariff reduction will substantially ease the upward pressure on domestic prices," Balisacan said.
Annual inflation quickened for a third straight month in April to 3.8%, driven by an uptick in transport and food prices, including rice.
