The Customs Office (BOC) has so far collected 3 billion pesos from pigmeat imports, but expects losses of 3.4 billion pesos due to the lower tariff regime, according to the Ministry of Finances (DoF).
The DoF said in a statement on Monday that the BoC reported that pork imports totaled 197 million kilograms from April 7 to November 12 of this year.
“President Duterte had issued a series of executive orders (OEs) that came into effect on April 7 to lower pork import tariffs and increase authorized meat import volumes to help stabilize supply. domestic and prices of this staple to the benefit of Filipino consumers, âhe said.
The Ministry of Finance said that for the first three months, the EO 128, which reduced pork import taxes to 5% in the Minimum Access Volume (MAV) and to 15% outside the MAV, was in effect from April 7 to May 14.
Meanwhile, EO 134, which replaced EO 128, set tariffs on pork imports under the MAV at 10 percent for the first three months and 15 percent during the nine following months.
He also said that imports from outside the MAV are subject to a 20 percent tariff for the first three months and a 25 percent tariff for the following nine months. On May 15, 2021, EO 134 came into effect for one year.
The Customs Office estimates that it lost 3.4 billion pesos in revenue in mid-November due to a reduced tariff regime, the DoF said.
âTo calculate the effect of the two EOs, we multiplied the assessed value of the meat by 25%, minus 5% and 15%, which were already paid for the 128 OE, and multiplied the assessed value by 20% and 15%. % for the OE. 134. The result showed a loss of revenue of 3.4 billion pesos, âsaid Customs Commissioner Rey Leonardo Guerrero.