Senator Sherwin Gatchalian on Friday, December 29 urged the government to pursue investments in agriculture even as he welcomes Malacañang’s move to extend reduced tariff rates on imported key agricultural commodities.
Gatchalian is referring to Executive Order No. 50 issued by President Marcos last Friday, which reduced tariff rates on corn, rice and meat products and will remain in effect until Dec. 31, 2024.
“El Niño will be the biggest challenge that the world will face in 2024. There is a huge possibility that countries will curb exports of basic commodities to ensure their own food security,” Gatchalian said in a statement.
“By extending the modified tariff rates of basic commodities, our less fortunate constituents will be assure of continuous access to affordable food products for their families,” the senator said.
“Having said that, government should continue invest in agriculture through modernization and mechanization in order to boost productivity of our agriculture sector,” he pointed out.
The EO No. 50 extends the validity of the modified tariff rates under EO 10, which is set to expire on Dec. 31, 2023.
In a statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the extension will help lessen the risks and alleviate the inflationary pressures caused by the onset of El Niño, the worsening effects of the African Swine Fever (ASF) and external pressures such as geopolitical tensions and export bans that some countries impose.