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Manila Bulletin devider Business devider NEDA: Lower food tariffs to ensure supply in 2024

NEDA: Lower food tariffs to ensure supply in 2024

Published Dec 28, 2023 08:38 am

At A Glance

  • The extension of tariff rate cuts for key commodities will ensure a sufficient and affordable food supply next year, the National Economic and Development Authority said.<br>The reduction of tariff cuts will help reduce the risks caused by the persisting El Niño, the impact of African Swine Fever, and geopolitical tensions and export bans, the NEDA chief said.<br>Balisacan said that additional meat importation reduced meat inflation to -1.2 percent in September, down from 21 percent in 2021, despite the corn and rice deficit which drove price increases.<br>He added that this policy should be complemented with investments in irrigation, flood control, supply chain logistics, and climate change adaptation.

The extension of tariff rate cuts for key commodities such as pork, corn, and rice will ensure sufficient and affordable food supply next year, the National Economic and Development Authority (NEDA) said.

NEDA Secretary Arsenio M. Balisacan said on Thursday, Dec. 28, that there should be different market sources to ensure sufficient and affordable food supply in the country.

The extension of reduction in tariff rates will help reduce the risks caused by the persisting El Niño, the impact of African Swine Fever (ASF), and geopolitical tensions and export bans, Balisacan further said.

President Marcos earlier issued Executive Order No. 501, which extends the reduced tariff rates on key agricultural goods until Dec. 31 next year.

Under this order, pork will remain at 15 percent in-quota and 25 percent out-quota; while corn at five percent in-quota and 15 percent out-quota; and rice at 35 percent for both in-quota and out-quota.

Additional meat importation played a crucial role in reducing meat inflation to -1.2 percent in September, down from 21 percent in 2021, despite the swine flu, and corn and rice deficit which drove price increases in these commodities this year, NEDA said.

It stated that the reduction in tariff rates had pulled down corn inflation and broadened market sources for rice, which mitigated the impact of elevated inflation in September.

Balisacan also emphasized the importance of complementing this trade policy with crucial strategies and programs such as investments in irrigation, flood control, supply chain logistics, and climate change adaptation.

“Short-term and long-term interventions need to work together to protect the purchasing power of Filipino households and boost the productivity and income of local producers,” he said

“Doing so will ensure equitable and sustainable development for the country," he added.

Related Tags

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