Philippine President Ferdinand Marcos Jr. has approved the recommendation of the economic ministry to extend tariff reductions on rice and other food items until the end of next year to curb inflation.
Hanoi (VNA) - Philippine President FerdinandMarcos Jr. has approved the recommendation of the economic ministry to extendtariff reductions on rice and other food items until the end of next year to curb inflation.
According to the Philippine Presidential Office, themodified rates approved in 2021 were set to expire at the end of this year, butinflation rate running at 14-year high warranted an extension of the tariff deferraluntil December 31, 2023.
That means the tariff rate onimported rice will stay at 35%, while the import levies on corn and porkproducts will remain at 5%-15% and 15%-25% respectively, the office said in astatement on December 18.
The tariff on coal imports, a key fuel in power generation, willremain at zero until the end of next year, but will be reviewed regularly.
Economic Planning SecretaryArsenio Balisacan said that through this policy, they shall augment theirdomestic food supplies, diversify sources of food staples, and temperinflationary pressures arising from supply constraints and rising internationalprices of production inputs.
Consumer price inflation in November was 8.0%, well abovethe Philippine central bank's 2%-4% target range for this year and the mediumterm.
Soaring inflation hasprompted the central bank of the Philippines to raise interest rates seventimes this year and plan for further tightening in 2023 to bring inflation back toits target.
Balisacan said the country is determined to steer its economy to meet the 6.0%-7.0% economicgrowth target for 2023./.
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Illustrative image. (Photo: Star)
