Agriculture & Food

According to Huacheng Import and Export Data Observation, the Philippine President's Office said on December 18 that President Ferdinand Marcos Jr had approved the proposal of the Ministry of Economy to extend the lower tariffs on rice and other foods to the end of next year to help fight inflation.

The revised tax rate approved in 2021 will expire at the end of this year, but the inflation rate in the Philippines is still at a 14 year high. Therefore, it is reasonable to extend the tariff reduction to December 31, 2023, Huacheng Import and Export Data Observation reported.

According to Huacheng Import and Export Data Observation, the Press Secretary Office of the Philippine Headquarters said in a statement that this means that the tariff rate of imported rice will remain at 35%, while the import tariff of corn and pork products will remain at 5% - 15% and 15% - 25% respectively.

Coal is the key fuel for power generation. The import tariff will remain at zero after the end of next year, but it will be reviewed regularly.

According to the Huacheng Import and Export Data Observation Report, the Minister of Economic Planning Arsenio Balisacan said in the statement: "Through this policy, we will increase the domestic food supply, diversify our staple food sources, and ease the inflation pressure caused by tight supply and rising international production input prices."

The consumer price inflation rate of the Philippines in November was 8%, which is far beyond the target range of 2% - 4% of the Central Bank of the Philippines this year and in the medium term, Huacheng Import and Export Data Observation reported.