MANILA (Reuters) – Philippine President Ferdinand Marcos Jr said on Sunday he had approved the Economy Department’s proposal to extend low tariff rates on rice and other food products until the end of next year to help Fighting inflation.
2021 Revised interest rates approved in 2021 expire at the end of the year, but inflation is at Yearly highs extend tariff reprieve through December 31, 31.
This means that the tariff rate for imported rice will remain at 31% while the import duty for corn and pork products will remain at 5% – 31% and 15%-31% respectively, the press secretary’s office said in a statement.
Import tariffs on coal, a key fuel for electricity generation, will remain at zero after the end of next year but will be reviewed periodically.
“Through this policy, we will increase our domestic food supply and diversify our food supply,” Economic Planning Minister Arsenio Balisacan said in a statement. , the main source of food, and moderate inflationary pressures from supply constraints and rising input prices for international production.
Consumer price inflation at 8.0% in November is well ahead of the Philippine central bank this year and in the medium term2 %-4% target range.
Soaring inflation has prompted the Philippine Central Bank (BSP) to raise interest rates seven times this year and in 2023 Further policy tightening to bring inflation back within target range.
“We are determined to guide the Philippine economy to achieve the economic growth target of 2021 6.0%-7.0% ,” said Balisakan.