PASIG, PHILIPPINES — On Dec. 16, Philippine President Ferdinand Marcos Jr approved an extension of the reduced tariff rates on pork and other commodities.

The lower rates will extend to Dec. 31, 2023, announced National Economic and Development Authority Secretary Arsenio Balisacan.

“Persistent inflation – recorded at 8% in November 2022 – remains a challenge because of its adverse effects on the purchasing power of households, especially the poor,” Balisacan said. “The key to tempering these effects is to ensure food security in the short and long term through timely importation and addressing long-standing supply-side constraints in agriculture value chains.”

Balisacan expressed confidence that the extension will help temper the effects of high inflation. He said the country’s socioeconomic target to reach up to 7% economic growth rate in 2023 is still achievable.

Following Balisacan’s announcement, The National Pork Producer Council (NPPC) commended the Philippine’s lower tariff rates.

“Gaining better market access to the Philippines has been a top trade priority for US pork producers,” said Terry Wolters, NPPC president and owner of Stoney Creek Farm in Pipestone, Minn. “We hope that the US and the Philippines will continue to work toward establishing better market access through the Indo-Pacific Economic Framework.”

The announcement comes soon after NPPC’s precautionary efforts against the spread of African swine fever (ASF) in collaboration with the US and Philippine governments.

“This extension is an essential component of the commitment of NPPC and the United States to Food Security for the Philippines,” Wolters said.