The British Chamber of Commerce Philippines looks forward to the passage of the Anti-Agricultural Economic Sabotage Act to further assist on inflation and food supply–echoing the government’s prioritization of imposing stringent measures to protect the local farmers and consumers.
Authorities seized more than a thousand sacks of illegally imported white onions during an inter-agency operation by the PNP National Capital Region Police Office-Regional Special Operations Group , Bureau of Customs and Bureau of Plant Industry at a stock room in Divisoria, Manila on December 3, 2022.
One of which is the Anti-Agricultural Economic Sabotage Act, which is awaiting bicameral conference committee approval–with both versions from the Senate and the House of Representatives being unanimously approved last year. Last February 2024, the British Chamber expressed its concern on the initial reported changes on the minimum access volume for pork imports–noting how it could impact inflation, domestic supply, and existing trade agreements under the World Trade Organization . This also echoed the sentiments of the MAV Advisory Council , meat importers and economists.
“Inflation remains the key issue and that has been remarked upon by Secretary Recto. If we can get inflation lower, this would certainly help the GDP. In that context, we strongly advocate the full implementation of the Executive Order No. 50 on the lower tariffs, particularly for pork. We work very hard on that to get quality pork from the UK here. The numbers at 5.7% is still a good growth rate. Obviously, along with everybody, we want to see it higher. I think it's tracking the right way.
British Chamber Of Commerce Philippines Inflation
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