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Philippines: Benefits of pork import reforms seen this month
THE benefits of the temporary reduction in tariffs and increase in the minimum access volume for pork, which were implemented in mid-May, are expected to be felt this month, according to the National Economic and Development Authority (NEDA).
“We expect to gradually see the benefits of Executive Orders (EO) 133 and 134 in the coming months to help curb pork prices and provide relief to consumers and households. As we reopen our economy, we will continue to work to keep other drivers of inflation stable to ensure Filipinos recovering their jobs and income will not see their income eroded by higher prices,” Socioeconomic Planning Secretary Karl Kendrick Chua said in a statement.
His remarks come after the release of the May inflation rate, which remained at 4.5 percent for the third month in a row, bringing year-to-date inflation to 4.4 percent.
Meat inflation remained the key driver of overall inflation, contributing 1.4 percentage points in the same month as the previous month, NEDA noted. However, month-on-month meat inflation fell for the first time in eight months, to -0.1 percent, indicating that meat prices are stabilizing.
The agency added that inflation in May remained constant, with food and non-alcoholic beverage inflation plunging to 4.6 percent. Food inflation sliding to 4.9 percent, with rice inflation down to -0.8 percent from -0.3 percent the previous month. Deflation was also observed in vegetables and fruits. Meanwhile, inflation in transportation services has slowed to 15.4 percent from 16.1 percent previously.
“With the vaccination of the A4 priority group of workers underway, we expect to see more workers able to seek employment or perform their jobs outside of their homes. Bringing them safely to their places of work will complement our efforts to reopen the economy,” Chua stressed.
The EO 135 was issued to reduce the Most Favored Nation tariff rates on imported rice from 40 to 50 percent to 35 percent for a limited time. NEDA said this was a proactive initiative to diversify market sources and enhance rice supply amid rising global rice prices.
“In managing inflation, our priority is to improve our domestic production and provide needed support to our farmers and producers. When necessary, we will augment supply with importation to keep prices stable and guarantee food security. This balancing act will help us better manage the impact of inflation on the people,” Chua concluded.
Source: https://www.manilatimes.net/2021/06/06/business/sunday-business-it/benefits-of-pork-import-reforms-seen-this-month/1802078