PRESIDENT Duterte yesterday approved the temporary reduction of tariff rates for pork and pork product imports in a bid to lower the cost and increase the supply of pork products in the country.
The President, in issuing Executive Order 128 on April 7, approved the recommendations of the National Economic and Development Authority (NEDA) to reduce the most favored nation (MFN) tariff rates for both in-quota and out-quota imports for pork for over a one-year period.
“There is an urgent need to temporarily reduce the most favored nation (MFN) tariff rates on fresh, chilled or frozen meat of swine to address the existing pork supply shortage, stabilize the prices of pork meat and minimize inflation rates” Duterte said in the EO.
For in-quota of the “meat of swine, fresh, chilled or frozen” imported within the minimum access volume (MAV), a five percent tariff is imposed on the first three months of the year which will be increased to 10 percent in the fourth to 12th month and to 30 percent after the 12th month.
Out-quota imports of “meat of swine, fresh, chilled or frozen,” are levied 15 percent tariff on the first three months of the year which will be increased to 20 percent in the fourth to 12th month and to 40 percent after the 12th month.