Stakeholders clash at low-tariff rates hearing
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CONOMISTS, importers and local food producers were at each other’s throats over the proposed extension of reduced tariff rates on imported agricultural commodities as the government advances discussions on the matter. The Tariff Commission (TC) on Wednesday conducted its public hearing on the petition to extend Executive Order (EO) 171, with multiple groups and organizations in attendance. The petition was filed by the Foundation for Economic Freedom (FEF) on the premise that the country is not out yet of the woods from the detrimental economic impact of the Ukraine-Russia war and other Covid-19 pandemic-related
problems. Throughout its presentation on Wednesday, FEF argued and emphasized that prolonging the lower tariff rates on coal, corn, pork, and rice is “imperative” to slow down the increase in the prices of these commodities amid sizzling inflation. The objectors to the push to extend lower tariffs were led by the Federation of Pork Producers Inc. and the National Federation of Hog Farmers Inc., United Broiler Raisers Association (Ubra), Samahang Industriya ng Agrikultura (Sinag), Philippine Maize Federation Inc. (PhilMaize) and the Federation of Free Farmers (FFF).
FEF calculations
BASED on its calculations, peti-
tioner FEF said Filipino consumers saved P108 billion from lower pork tariffs this year and would save more next year at an estimated amount of P156 billion. The lower pork tariffs, FEF argued, tempered the increase in pork retail prices as these averaged P287 per kilogram last year and P314 per kilogram this year. If the lower tariff rates were not in place, the FEF claimed that pork prices would average at P355 per kilogram in 2021 and P397 per kilogram this year.
Corn tariffs
FEF said the lower corn tariffs would lead to a net benefit to consumers estimated at P4.2 billion from the period of April to Decem-
ber 2022. The group claimed that every peso decrease in the price of yellow corn means the prices of pork, chicken meat and table eggs reduce consequently. FEF’s computations showed that a P2.81 reduction in yellow corn prices would decrease pork prices by P1.12 per kilogram, chicken meat by P2 per kilogram, and table egg by P0.023 per piece. “Extending EO 171, particularly lower corn tariffs, is imperative if the government wants to slow down the rate of increase of prices of corn-dependent products to ensure food availability and affordability of these key agricultural C A
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Thursday, November 10, 2022 Vol. 18 No. 29
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FARM OUTPUT ENDS 2-QTR CONTRACTION, GROWS 1.8% B J E Y. A
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@jearcalas
PHL AMONG MOST VISITED SE ASIAN DESTINATIONS
HE Philippines’s farm output grew at a 1.8 percent annual rate from July through September, snapping two straight quarters of contraction.
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@akosistellaBM Special to the BM
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HE Philippines is faring well in terms of international arrivals, making it one of the most visited destinations in Southeast Asia this year. In a new report published for the ongoing World Travel Market in London, ForwardKeys showed the Philippines just 55 percent behind 2019 international arrivals. Other top destinations in the region were: Indonesia (less 71 percent from 2019 arrivals), Malaysia (-76 percent), Singapore (-69 percent), Thailand (-75 percent), and Vietnam (-77 percent). Founded in 2010, ForwardKeys compiles and provides air ticketing data to tourism organizations, hotels, and retailers. Its latest report is based on actual air tickets as of October 18, 2022, combining historic results and booked tickets until the yearend. In terms of cities, the top destinations in Southeast Asia were Bangkok (75 percent behind 2019 arrivals), Denpasar (-74 percent), Ho Chi Minh City (-69 percent), Kuala Lumpur (-73 percent), Manila (-50 percent), Phuket (-72 percent), and Singapore (-69 percent).
The Philippine Statistics Authority (PSA) said the growth was driven by higher value of crops, livestock and poultry production during the three-month period, offsetting decline in fisheries production. The increase in output came on the heels of two consecutive contractions in agricultural production: -0.3 percent in the first quarter and -0.6 percent in the second quarter. The value of the country’s agricultural output in the third quarter, at constant 2018 prices, reached P414.266 billion, P7.355 billion higher than the P406.911 billion recorded amount in the same period of last year. The value of crops output, which accounted for nearly 54 percent of total agricultural production, rose by 1.8 percent year-on-year to P223.483 billion, driven by higher value of palay and corn. “Increases in the value of palay and corn production were recorded at 1.0 percent and 2.5 perC A
Asia Pacific destinations, overall, are still 76 percent short of arrivals in 2019, while worldwide international arrivals are 45 percent behind, indicating that much of the tourism recovery is happening in the West and in Europe. Still, “Asia Pacific’s gradual recovery is positive news for the industry as a whole, and if governments, destinations and airlines can work together to inspire consumer confidence, it is only a matter of time until every region is welcoming similar numbers of international tourists as in 2019,” said ForwardKeys.
Americans driving arrivals
THE Philippines reached an historic high of 8.26 million in international arrivals, pre-pandemic, in 2019. Data from the Department of Tourism (DOT) showed, from February 10 to November 8, international arrivals in the country reached 1.96 million, of which 1.43 million were foreign passport holders, and 529,231 were overseas Filipinos. Like much of the world, the Philippines’s tourism recovery is being driven by arrivals from the United States, with C A
Investment council for wind power to be created
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RESIDENT Ferdinand “Bongbong” R. Marcos Jr. has approved the creation of an investment council to fast-track the processing of applications from offshore wind (OSW) power developers. Marcos made the decision during his closed-door meeting with Energy Secretary Raphael P.M. Lotilla and other energy officials on Wednesday, when they presented their exploration and C A
MOBILE CLASSROOM
Ambassador Michael Peiyung Hsu of the Taipei Economic and Cultural Office (center) is joined by Manila Economic and Cultural Office Director Reynaldo Simpao (left) and Mark Sy, Educational Technology Program Head at the DepEd Central Office, at the launch of the Taiwan Excellence Mobile Classroom, the Philippines’s winning entry to the “Taiwan Excellence: Sharing is Caring” global competition. The Philippines’s winning concept is now fully implemented as the Mobile Classroom Program offering free education in far-flung rural barangays using the learning modules developed by the Department of Education. ROY DOMINGO
PESO EXCHANGE RATES US 58.2920 ■ JAPAN 0.4002 ■ UK 67.2690 ■ HK 7.4260 ■ SINGAPORE 41.6878 ■ AUSTRALIA 37.9073 ■ SAUDI ARABIA 15.5065 ■ EU 58.7350 ■ KOREA 0.0424 ■ CHINA 8.0603
Source: BSP (November 9, 2022)