The British Chamber of Commerce in the Philippines supports the extension of Executive Order 10 which has reduced the most favored nation tariff rates for key commodities such as pork, corn, rice and coal.
BCCP executive director Chris Nelson said the group is confident the Philippine government would issue measures to help the country cope with food issues and inflation.
“We’re hopeful, and we obviously recommend that it [EO 10] is extended throughout and continuing to 2024,” Nelson said Monday.
EO is an extension of EO 171 which also reduced import tariffs on select imported goods.
EO 10, signed by President Ferdinand Marcos Jr. on December 31, 2022, is effective for one year or until Dec. 31, 2023, except for coal which effectively extends beyond 2023, subject to semestral review.
The decision to extend the validity of the reduced MFN tariff rates aims to protect consumers by keeping prices affordable to ensure food security, augmenting the local supply of basic agricultural commodities, reducing the cost of electricity and diversifying the country’s market sources.
It is one of the measures being undertaken by the government to help curb high inflation and protect the purchasing power of consumers.
The primary strategies of the government are to help improve production and productivity of the agriculture sector and ensure an adequate power supply.
The EU is a strong trade partner of the Philippines and a reliable source of frozen pork and beef.
Nelson said the extension of EO 10 would continue to benefit Filipino consumers who could buy meat at reduced prices and would also partly address food security in the Philippines.
The BCCP also called for the passage of the amendments to the Anti-Agricultural Smuggling Act of 2016.
“We want to see that [the amendments] passed, because it also strengthens the overall agricultural sector,” Nelson said.