British pork traders are looking forward to the extension of the reduced most favored nation (MFN) duties on pork imported by the Philippines until 2024.
The British Chamber of Commerce of the Philippines (BCCP) said UK pork traders were expecting to have a banner year for pork exports to the Philippines next year.
“British pork exports have obviously made inroads here. We are happy to see that supply has increased significantly, and has obviously helped with food security and inflation. We see that trend continuing,” BCCP executive director Chris Nelson said in an interview Thursday.
Executive Order (EO) 10, which effectively reduced MFN tariff rates on key commodities such as pork, corn, rice and coal will expire by end-December 2023. The MFN rates on pork were reduced to 15 percent for in-quota and 25 percent for out-quota.
Nelson said that keeping MFN tariff rates at the barest minimum would protect consumers by making prices affordable to ensure food security while augmenting the local supply.
The BCCP said the British Meat Trade Mission on Thursday aimed to uphold the interest of Philippine importers and establish stronger relations with UK exporters by identifying market opportunities.
Nelson said British pork exports to the Philippines hit record levels in 2022, and the chamber expects this to be replicated in 2024.
The Philippines is the second biggest importer of pork in Asia, next to China.