The British Chamber of Commerce of the Philippines (BCCP) is hoping that the Philippine Congress will pass the proposed Anti-Agricultural Smuggling Act while President Ferdinand R. Marcos Jr. will extend lower tariffs under Executive Order (EO) No. 10’s validity until 2028, instead of the one-year extension.
In a media briefing, BCCP Executive Director Chris Nelson said these top the group’s wish list for 2024 as it will boost trade between the United Kingdom and the Philippines.
Included in the list is to seek collaboration with various stakeholders in liberalizing trade to boost British presence in the Philippines and to promote digitalization to improve the ease of doing business.
BCCP also hopes economic growth to be boosted through a competitive and sustainable market and supports efficient trade regulatory practices that encourage UK-Philippines trade.
IT also aims to assist UK small and medium enterprises (SMEs) and advocate for green economy, public-private partnership, infrastructure development and will continue promoting the Philippines as a business and investment hub.
EO 10 reduced the Most Favored Nation tariff rates on pork, corn, rice, and coal as an anti-inflation measure and is supposed to expire at the end of the year but has just been extended to the end of 2024.
“We would have preferred it to be extended for the period of his (President Marcos’) presidency because it is an EO. But realistically, we understand that it’s going to be extended for (just) one year,” Nelson said.
Under the EO, tariff rates for imports of pork were kept at 15 percent for shipments within the minimum access volume (MAV) quota and 25 percent for those exceeding the quota. The Philippines is the UK’s biggest market for pork after China.
Meanwhile, Nelson said BCCP is supporting the passage of the proposed Anti-Agricultural Smuggling Act because the cost of agricultural products have a key impact on the consumer sector, particularly inflation.
“Significant progress has been made. The House has passed its version, and the Senate has just passed (its measure) on third reading. As you will know, under your system, those two bills must be reconciled in bicameral session,” Nelson said.
He said that the chamber has consistently supported the passage of the measure to help with inflation, food security, food supply, the resiliency of Philippine agriculture, and the promotion of fair trade practices.