Philippines approves tariff cut for rice, extends tariff cuts on some commodities
A Philippine presidential panel approves reduced rice tariffs to 15%, extending cuts on corn, pork, and meat until 2028. Import duties for chemicals and coal briquettes to be lowered to curb inflation.
MANILA, June 4 (Reuters) -A Philippine inter-agency panel led by the president has approved lower tariffs on rice and extended existing tariff cuts on some other commodities to combat inflation and ensure ample supply, a minister said on Tuesday.
Tariffs on rice will be cut to 15% for both in-quota and out-quota rates, down from 35%, through to 2028, Economic Planning Secretary Arsenio Balisacan told a press conference. Lower tariffs on corn, pork and mechanically de-boned meat were also extended until 2028.
The Southeast Asian nation will also lower import duties for chemicals and coal briquettes to reduce energy prices, Balisacan said.
The Philippines is one of the world’s largest rice importers.
“This tariff reduction will substantially ease the upward pressure on domestic prices,” Balisacan said.
Annual inflation quickened for a third straight month in April to 3.8%, driven by an uptick in transport and food prices, including rice.
