Philippine News Agency
Ramp up pork imports needed to temper rising meat inflation
The National Economic and Development Authority (NEDA) proposes reducing pork tariffs and increasing the minimum access volume (MAV) for imported pork to address rising meat inflation.
This measure aims to benefit approximately 100 million Filipinos by lowering high food prices.
In April, the overall inflation rate remained at 4.5%, but meat inflation hit a record high of 22.1%, with pork inflation soaring to 57.7%.
The African Swine Fever (ASF) outbreak caused a significant 26% contraction in hog production during the first quarter of 2021.
NEDA emphasizes that these temporary import measures are crucial for stabilizing inflation and ensuring food security while the Department of Agriculture works on long-term repopulation strategies.
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President Rodrigo Duterte increased the minimum access volume (MAV) for pork imports to 254,210 metric tons through Executive Order (EO) 133, a hike from the previous 54,210 metric tons.
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Local meat importers are asking the government to extend the reduced tariff rates on imported pork until 2025 to ensure a consistent supply and allow the local hog industry to recover from African Swine Fever (ASF).
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Inflation in the Philippines remained stable at 4.5% in April, matching the March rate and exceeding the Bangko Sentral ng Pilipinas' target range of 2% to 4%.
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The Senate has accepted the economic team's recommended pork import tariff rates and volume adjustments under Executive Order No. 128, which aims to address the dwindling pork supply due to the African swine fever.
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The Bangko Sentral ng Pilipinas (BSP) projects April inflation to be between 4.2 percent and 5 percent, exceeding the central bank's target.
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