Pork tariffs lowered

PHILIPPINES - In Brief 08 Apr 2021 by Romeo Bernardo

President Duterte on Wednesday signed an executive order substantially reducing tariffs on imported pork products for one year. The order immediately lowers tariff rates from 30% to 5% for imports within the quota or minimum access volume (MAV) effective for three months, increasing to 10% in the last nine months. (See table) The President earlier also proposed to congress an increase in the MAV by 350k metric tons, meant to close the local demand-supply gap. The domestic pork shortage in recent months has had knock-on effects on other meat products, particularly chicken, with the composite meat price index rising by an average of 20% yoy in Q1. The President’s twin moves should see meat prices retreat going forward, supporting our view of improving domestic inflation outlook.TABLE 1.Modified tariff ratesSource: Official Gazette

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