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Manila Bulletin devider Business devider NEDA rules out further reduction of agri tariffs

NEDA rules out further reduction of agri tariffs

Published Dec 13, 2023 06:21 am

At A Glance

  • The National Economic and Development Authority (NEDA) has ruled out the possibility of further reducing tariff rates on key commodities, already lowered by the government.<br>NEDA Secretary Arsenio M. Balisacan stated that the only option for the Marcos administration is to extend the most favored nation (MFN) tariff cuts on rice, corn, and pork beyond 2023.<br>Balisacan clarified that any additional reduction of the already decreased import duties under Executive Order (EO) No. 10 would require separate consultations with stakeholders.<br>The Inter-agency Committee on Inflation and Market Outlook (IAC-IMO) has recommended extending the lower tariff rates under EO No. 10, set to expire by Dec. 31, 2023.

The National Economic and Development Authority (NEDA) said there are no plans for additional reductions in import duties on various agricultural commodities.

In a briefing, NEDA Secretary Arsenio M. Balisacan said the only option available to the Marcos administration at present is to extend the most favored nation (MFN) tariff cuts on rice, corn, and pork beyond 2023.

Balisacan pointed out that any further lowering of the already reduced import duties under Executive Order (EO) No. 10 would necessitate separate consultations with stakeholders.

“That will require a separate process,” Balisacan told reporters when asked if the government may consider further reductions in tariffs under the MFN.

“What has been discussed and endorsed by the by the committee and related matters of the NEDA Board is a proposal to extend the currently reduced tariffs for those commodities,” he added.

The Inter-agency Committee on Inflation and Market Outlook (IAC-IMO) has earlier recommended extending the lower tariff rates under EO No. 10, which are due to expire by Dec. 31, 2023.

The IAC-IMO is a body created by President Marcos to craft strategies to mitigate inflation in the country and to keep it within the government’s target range of two percent to four percent.

The IAC-IMO is responsible for devising strategies to curb inflation in the country and maintain it within the government's target range of two to four percent.

The inter-agency body is jointly led by the secretaries of the Department of Finance and the NEDA, with the Secretary of the Department of Budget and Management acting as the vice-chairperson.

Balisacan said the NEDA Board, presided over by President Marcos, is scheduled to convene on Thursday, Dec. 14, to deliberate on the necessity of extending the EO in light of the worsening El Niño phenomenon.

“The NEDA Board will meet on Thursday, and that's part of the agenda, the extension of the EO 10 and that includes the basic commodity, rice, corn, pork. So, again, is going to be seen as part of that preparation for the difficult months next year,” the NEDA chief said.

On Tuesday, Department of Science and Technology Secretary Renato Solidum Jr. issued a warning that 65 provinces in the country may experience drought by May 2024 due to the effects of a more intense El Niño phenomenon.

Solidum said some regions of the country are already feeling the impact of El Niño.

President Marcos has already mandated the coordination of all efforts to mitigate the impact of El Niño, with a particular focus on water, food, power, health, and public safety as priority areas.

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National Economic and Development Authority (NEDA) NEDA SECRETARY Arsenio M. Balisacan
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