PH gives up P3.6B in lower pork tariff but prices remain high | Inquirer Business

PH gives up P3.6B in lower pork tariff but prices remain high

By: - Reporter / @bendeveraINQ
04:39 PM December 29, 2021
Meat vendors

NO PORK HOLIDAY HERE Meat vendors in Commonwealth Market, Quezon City adhere to the price ceiling order of the government for pork products on Tuesday, February 9, 2021. Trade and Industry Secretary Ramon Lopez, Agriculture Secretary William Dar, MMDA Chairman Benjamin Abalos, Jr., and Quezon City Mayor Joy Belmonte visited the public market for an inspection. – INQUIRER/GRIG C. MONTEGRANDE

MANILA, Philippines—Foregone revenues from decreased pork tariff aimed at generating more imports and increasing domestic supply reached P3.6 billion as of mid-December, the Department of Finance (DOF) said on Wednesday (Dec. 29).

These revenue losses were higher than the P3.3 billion in duties that the Bureau of Customs (BOC) collected from pork products, which also enjoyed a lower import quota, the DOF said in a statement.

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Executive Order (EO) Nos. 128 and 134 issued by President Rodrigo Duterte had set reduced tariffs for pork imports covered by bigger minimum access volumes (MAVs) since April. EO 134, which superseded the preliminary EO 128, will be implemented until May 2022.

Citing a BOC report to Finance Secretary Carlos Dominguez III, the DOF said 214 million kilograms of imported pork entered the Philippines from April 7 up to Dec. 10, 2021.

FEATURED STORIES

Despite ramping up pork importation, the state planning agency National Economic and Development Authority (Neda) had estimated a supply deficit of 155,500 metric tons (MT) by this year’s end.

The latest government data had shown pork prices again rose last November partly due to slow importation, limited distribution of imports, plus rising demand during the Christmas holidays.

Dominguez had said he was amenable to Neda’s proposal to extend until next year EO 133, which jacked up the pork meat MAV to 254,210 MT instead of only 54,210 MT of imports this year.

Elevated pork prices came on the back of supply constraints caused by the African swine fever 9ASF) outbreak which reached the country’s shores late last year.

TSB

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TAGS: Business, Carlos Dominguez III, economy, NEDA, pork importation, pork supply, tariff
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