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Manila Bulletin devider Business devider Trade & Industry devider Gov't may extend anew lower tariffs on agri, coal

Gov't may extend anew lower tariffs on agri, coal

Published Aug 6, 2023 07:08 pm

At A Glance

  • The government is reviewing the possible extension of tariff reductions on pork, corn, rice, and coal.<br>Executive Order No. 10 currently maintains lower tariff rates for pork (15 percent in-quota, 25 percent out-quota), corn (5 percent in-quota, 15 percent out-quota), and rice (35 percent in-quota and out-quota) until Dec. 31.<br>Coal remains duty-free beyond Dec. 31 but will undergo semi-annual reviews.<br>The Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) is conducting a comprehensive review, considering food and non-food sources of inflation, including the impact of recent typhoons.

The Department of Finance (DOF) announced that the government is currently reviewing the potential extension of tariff reductions on pork, corn, rice, and coal that are set to expire by the end of the year.

During the Chat with SBED last Friday, Aug. 4, Finance Secretary Benjamin E. Diokno said a meeting will be held in September to assess the necessity of extending Executive Order No. 10 issued by President Marcos in December 2022.

“We're reviewing the possible extension,” Diokno told reporters. “We will meet in September to review if we have to extend across all commodities.”

EO 10 has maintained reduced tariff rates for four commodities until Dec. 31, 2023.

The reduced rates are 15 percent (in-quota) and 25 percent (out-quota) for pork, five percent (in-quota) and 15 percent (out-quota) for corn, and 35 percent (in-quota and out-quota) for rice.

Meanwhile, coal will remain duty-free until year’s end, subject to semi-annual reviews.

EO 10 is already an extension of EO 171, issued by former President Rodrigo Duterte, which reduced the tariff rates for in-quota and out-quota pork shipments.

Finance Undersecretary Zeno Ronald R. Abenoja also said the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) has broadened its review scope beyond the four commodities included in EO 10.

He said the expansion is in response to the recent typhoons that have affected the country and global headwinds.

Abenoja referred to the IAC-IMO's action as a "comprehensive review" that encompasses both food and non-food factors contributing to inflation.

“It covers not only the four agricultural commodities but also the other drivers of inflation that we have seen in the past few months,” Abenoja said.

The IAC-IMO serves as an advisory body to President Ferdinand R. Marcos Jr.’s Economic Development Group (EDG).

The primary role of the IAC-IMO is to monitor the key factors driving the increase in prices of essential goods, particularly food and energy, as well as their underlying sources and causes.

The advisory body is co-chaired by the secretaries of the National Economic and Development Authority and the DOF.

The vice chairperson of the IAC-IMO is the Secretary of the Department of Budget and Management, while the secretaries of the Departments of Agriculture, Trade, Energy, Science and Technology, and Interior and Local Government serve as members of the committee.

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