NEDA board to approve reduced tariffs on agricultural products  

MANILA, Philippines — A proposed executive order (EO) to extend the reduced tariffs on essential commodities like rice, corn, pork and coal until 2024 will be presented for approval by the National Economic and Development Authority (NEDA) Board chaired by President Marcos next week.

“It will go to the NEDA Board next week. The CTRM (Committee on Tariff and Related Matters) endorsed it,” NEDA Secretary Arsenio Balisacan told reporters yesterday.

The CTRM, which is chaired by Trade Secretary Alfredo Pascual  and co-chaired by the NEDA secretary, advises the President on tariff and related matters.

Balisacan said the proposal is to extend the implementation of the reduced tariffs for one year or until December 2024.

Under EO 10 signed by Marcos in December last year, the implementation of lower tariffs on swine meat, rice, corn and coal was extended until the end of this year in order to augment supply and make these commodities affordable amid high inflation.

While inflation has slowed down, Balisacan said there is a need to sustain the gains.

Inflation eased to a 20-month low of 4.1 percent in November from 4.9 percent in the previous month, mainly due to the slower food price upticks.

This is the second straight month that the inflation rate slowed down.

In the January to November period, inflation averaged 6.2 percent, still above the Bangko Sentral ng Pilipinas’ two to four percent target range.

Balisacan said it is critical to bring inflation to the two to four percent target.

“As we have seen, inflation is a major drag in slow growth. It has an impact on consumption,” he said.

He pointed out that it is the poor that get hurt the most by inflation, especially food inflation.

Balisacan said the goal is to issue the EO extending the reduced tariffs before the current one expires.

As rice registered a higher inflation rate of 15.8 percent in November from 13.2 percent in October, he  said the Inter-Agency Committee on Inflation and Market Outlook is monitoring the situation and looking at recommendations that can be made to the Cabinet and the President.