Connect with us

Hi, what are you looking for?

News

Senators want periodic review, agri boost with extended tariff cut

BW FILE PHOTO/ERSSANTIAGUDO

SENATORS on Monday expressed support for the reduction in tariffs on imported pork, corn, rice and coal for at least another year, but called for measures that should be undertaken alongside the extended tax cut.

“Yes, looks like we have no choice as of the moment because we don’t produce enough food for our people,” Senate Minority Leader Aquilino Martin “Koko” D. Pimentel III said in a statement.

“I suggest that the lowered tariff on important food items be reviewed every three or six months,” he added.

Executive Order 171, signed by former President Rodrigo R. Duterte in May, extended the lower tariffs on pork and rice, as well as cut duties on corn and coal until end-2022. President Ferdinand R. Marcos, Jr. on Monday approved another extension to December 31, 2023.

Senate Majority Leader Emmanuel Joel J. Villanueva said the extension is a welcome development amid soaring inflation, but said import tariff cuts should “not be adopted as a long-term policy.”

Agricultural sector groups Federation of Free Farmers and the Samahang Industriya ng Agrikultura denounced the extension saying there is sufficient supply from local production, and that only importers and traders stand to benefit from the president’s decision.

Senator Mary Grace S. Poe-Llamanzares said the government should start veering away from band-aid solutions.

“We need to craft policies that take on a longer view of the situation with a wider perspective,” she said.

“Measures that bring down prices for consumers must go hand in hand with measures that will support food producers going forward,” she said. “Food producers are also consumers themselves and many of them have already taken a hit in the past two years.” — Alyssa Nicole O. Tan

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas...

News

PHILIPPINE STAR/ WALTER BOLLOZOS THE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish...

News

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5, 2022. — PHILIPPINE STAR/ KRIZ...

News

REUTERS AGRICULTURE industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before...

News

POLLOC FREEPORT AND ECOZONE — BARMM FACEBOOK PAGE THE classification of economic zone logistics services enterprises (ELSEs) as eligible for incentives under the Strategic...

News

BW FILE PHOTO A BILL that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.