MANILA – Amid concerns about inflation and food security, the British Chamber of Commerce of the Philippines (BCCP) is advocating for an extension of the implementation of Executive Order No. 10. This policy temporarily reduces tariffs on agricultural commodities such as pork, corn, rice, and coal for power generation.
In a statement, BCCP executive director Chris Nelson stated that another extension of EO 10 would “attract foreign businesses and companies to invest in the country and help sustain the global food supply chain.”
Signed on December 29, 2022, EO 10 extends the temporary lower tariffs on agricultural products until the end of 2023. The lower tariff on coal is also extended beyond 2023, subject to a review every six months.
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EO 10 itself extends the provisions of EO No. 171, which was signed on May 21, 2022.
EO 171, in turn, extends the effectiveness of EOs No. 134 and 135, both signed on May 15, 2021. These orders temporarily reduced the tariffs on imported pork and rice.
Importation
These orders were issued to address rising prices of these commodities through importation.
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Based on EO 171, tariffs on pork were reduced to 15% to 25%, down from 30% to 40%. Tariffs on corn were slashed to 5%, down from 35%, while tariffs on rice were reduced to 35%, down from 40% to 50%.
The temporarily lowered tariffs on rice will remain in effect until December 31, with a pending petition for a further decrease, possibly to zero or no more than 10%, under review by the Tariff Commission.
BCCP’s Nelson expressed strong support for the Anti-Agricultural Smuggling Act, which aims to protect the Philippine agricultural sector by addressing challenges such as smuggling, hoarding, price-setting by cartels, and profiteering.
Agricultural Challenges
Nelson stated that the Philippines has a strong agricultural sector that should be utilized through a comprehensive approach to establishing a resilient economy, similar to the United Kingdom.
According to BCCP, UK-Philippine trade has a positive outlook, with a total of £2.6 billion ($3.22 billion) in trade of goods and services last year. The Philippines imported 34% more pork and pork products, making it the second-largest market for pork shipments from the UK.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.