MANILA, Philippines â Lost revenues from lower pork tariffs aimed at generating more imports and increasing domestic supply reached 3.6 billion pesos in mid-December, the finance ministry said. (DOF) Wednesday, December 29.
The lost revenue was more than the 3.3 billion pesos in duties collected by the Customs Office (BOC) on pork products, which also benefited from a lower import quota, the DOF said in a statement.
Executive Decrees (EO) Nos 128 and 134 issued by President Rodrigo Duterte had set reduced tariffs for pork imports covered by higher minimum access volumes (MAVs) since April. EO 134, which replaced the preliminary EO 128, will be implemented until May 2022.
Citing a BOC report to Finance Secretary Carlos Dominguez III, the DOF said 214 million kilograms of imported pork entered the Philippines from April 7 to December 10, 2021.
Despite the increase in pork imports, the national planning agency, the National Authority for Economy and Development (Neda) had estimated a supply deficit of 155,500 metric tons (MT) at the end of this year.
The latest government data showed pork prices rose again last November, in part due to slow imports, limited import distribution and increased demand over the Christmas holidays.
Dominguez had said he was in favor of Neda’s proposal to extend the OE 133 until next year, which raised the MAV of pork to 254,210 MT instead of just 54,210 MT of imports. This year.
High pork prices are due to supply constraints caused by the African swine fever outbreak (9ASF) which hit the country’s shores late last year.
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