The lower tariffs and bigger import volumes to be allowed were being hoped to augment supply and bring down pork prices, which contributed the most to the Philippines’ above-target inflationDespite these EOs, estimates of the National Economic and Development Authority or Neda had shown pork supply in the Philippines will have a 155,500 MT deficit by yearend.
The state planning agency Neda had long flagged this concern, especially when pork prices declined in Metro Manila but not outside the National Capital Region as imports were only delivered and sold in supermarkets and not in wet markets. “We are not saying to get rid of RTL completely but to revise the law so that it would benefit the local farmers.
Montemayor said there was no significant improvement in production volume, yield, cost of production, and competitiveness amid the support coming from Rice Competitiveness Enhancement Fund and tariff proceeds. Montemayor noted a wider gap between wholesale and retail prices of rice following the law’s enactment in February 2019.
“[The RTL] should’ve lowered the retail price and passed the savings on to the consumers; instead the importers and traders pocketed the difference,” Montemayor added.
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