Philippines Extends Reduced Pork Tariffs
You may download the audio file here
Philippine President Ferdinand Marcos, Jr. announced this week his plans to extend the country’s reduced most favored nation (MFN) tariff rates on imported pork through the end of 2023. The reduced rates, implemented in mid-2021, cut the tariff on in-quota pork cuts from 30% to 15% and for out-of-quota shipments from 40% to 25%.
As Dave Rentoria, U.S. Meat Export Federation Philippine representative, explains in this audio report the tariffs were cut in an effort to combat food inflation on a key item in the Philippine diet. That rate cut opened a door for expanded U.S. pork products.
As Rentoria points out, pork exports to the Philippines have been impacted by logistical challenges and COVID restrictions in 2022, but October pork exports to the country were up sharply in value over the previous year with a 50% increase.
While the lower tariff rates are extended through the end of 2023, Philippine officials stated the rates will be reviewed and evaluated quarterly.