British Chamber welcomes signing of Executive Order No. 50 – extending lowered tariffs on pork
The Philippine present economic condition affirms the significance of the extension of the reduced tariff rates for agricultural commodities until 2024 which also helps with the challenge facing high inflation rate, food supply, African Swine Fever (ASF), and market impacts brought by El Niño.
The British Chamber of Commerce Philippines (BCCP) highly welcomed its extension, having consistently advocated for it throughout the year and tagged it as one of its policy priorities for 2024. The EO provides 15% (in-quota) to 25% (out-quota) rate for meat of swine or meat products. Meanwhile, BCCP Executive Director/Trustee Chris Nelson echoes the statement of President Marcos which aims to maintain an affordable market price to the consumers while ensuring a stable global food supply.
In a statement, Nelson reiterated the importance of reduced tariff rates in sustaining the ever-growing trade relations between the UK and the Philippines.
“With the signing of this Executive Order, we are confident that it will assist in the fight against inflation, to which we are positive to continue to decline in the next few months. We are strong advocates of a vibrant and resilient economy as it will further reinforce the confidence of the Philippine meat importers and long-term relationship with the overall UK export market.”
Nelson emphasized that this significant move will further boost British pork and beef imports and will pave the way for stronger ties alongside its local counterparts. With a growing £2.9 billion total amount of goods and services between the UK and the Philippines, it also reinforces a positive outlook towards 2024.
Additionally, Nelson further cited the trade developments in 2023 including the ratification of Regional Comprehensive Economic Partnership (RCEP) and the launch of Developing Countries Trading Scheme (DCTS) which mandates tariff reductions, easing of trade regulations, and wider market access. The British Chamber also looks forward to further developments in the succeeding years by welcoming the passage of the Anti-Agricultural Smuggling Act to protect the local agricultural sector and the Philippine interest in joining the Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP) and the Joint Economic and Trade Committee (JETCO).
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