{"id":1706460,"date":"2022-12-18T17:01:18","date_gmt":"2022-12-18T09:01:18","guid":{"rendered":"https:\/\/newsinfo.inquirer.net\/?p=1706460"},"modified":"2022-12-18T17:01:18","modified_gmt":"2022-12-18T09:01:18","slug":"bongbong-marcos-oks-extension-of-lower-tariffs-on-pork-coal-corn-rice","status":"publish","type":"post","link":"https:\/\/newsinfo.inquirer.net\/1706460\/bongbong-marcos-oks-extension-of-lower-tariffs-on-pork-coal-corn-rice","title":{"rendered":"Bongbong Marcos OKs extension of lower tariffs on pork, coal, corn, rice"},"content":{"rendered":"
\"Bongbong<\/a>

INQUIRER FILE PHOTO<\/p><\/div>\n\n

MANILA, Philippines \u2014 President Ferdinand “Bongbong” Marcos Jr. has approved the recommendation of the National Economic and Development Authority (Neda) to extend lower tariff on pork, corn, coal, and rice to address supply issues and temper inflation.<\/p>\n

According to a statement from the Office of the Press Secretary (OPS), the endorsement by the Board\u2019s Committee on Tariff and Related Matters was approved Friday during the Neda Board meeting presided by the President.<\/p>\n

The Neda earlier recommended the temporary lowering of tariff rates on pork, corn, rice and coal until Dec. 31, 2023, but with the extension Socioeconomic Planning Secretary Arsenio Balisacan said the extension will \u201cprovide relief to poor and vulnerable segments of the Filipino population whose welfare is reduced because of high inflation.\u201d<\/p>\n

\u201cThrough this policy, we shall augment our domestic food supplies, diversify our sources of food staples, and temper inflationary pressures arising from supply constraints and rising international prices of production inputs due to external conflict,\u201d he added.<\/p>\n

Based on the Board\u2019s recommendation, the reduced tariffs on meat of swine, corn, and rice shall revert to their original rates after Dec. 31, 2023, while the zero duty on coal shall be applied beyond Dec. 31, 2023.<\/p>\n

Balisacan said these include the expected reopening of China\u2019s economy, moderating global oil prices, easing of aggressive monetary policy tightening, and sustained remittance inflows.<\/p>\n

\u201cWe are determined to steer the Philippine economy to meet the 6.0% to 7.0% economic growth target for 2023, as set by the NEDA Board\u2019s Development Budget Coordination Committee or DBCC,\u201d Balisacan pointed out.<\/p>\n

RELATED STORIES<\/strong><\/p>\n

British business group backs extension of lower tariffs on meat<\/a><\/strong><\/p>\n

Philippines to cut tariffs on electric vehicles, parts<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA, Philippines \u2014 President Ferdinand “Bongbong” Marcos Jr. has approved the recommendation of the National Economic and Development Authority (Neda) to extend lower tariff on pork, corn, coal, and rice to address supply issues and temper inflation. According to a statement from the Office of the Press Secretary (OPS), the endorsement by the Board\u2019s Committee […]<\/p>\n","protected":false},"author":1256,"featured_media":1699485,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34,45],"tags":[2159,1815,247,39261,29329,16783],"byline":[797422],"source":[206075],"column":[],"editor":[221400],"videographer":[],"position":[],"class_list":["post-1706460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-stories","category-nation-latest-stories","tag-coal","tag-corn","tag-inflation","tag-neda","tag-pork","tag-tariff","byline-zacarian-sarao","source-inquirer-net","editor-mike-frialde"],"acf":[],"yoast_head":"\nBongbong Marcos OKs extension of lower tariffs on pork, coal, corn, rice | Inquirer 黑料社<\/title>\n<meta name=\"description\" content=\"President Ferdinand "Bongbong" Marcos 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