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When the tariffs on meat, rice and corn were first lowered in 2021, the promise was lower prices of these commodities. While runaway inflation has been arrested, prices have not fallen below the promised pre-2021 levels.
HONG KONG, China — Asian markets were higher on Wednesday, tracking Christmas holiday gains on Wall Street, with investors betting on the US Federal Reserve cutting interest rates as early as March.
MANILA, Philippines — The Department of Agriculture said that the country’s rice supply will remain sufficient until the next harvest season in March, adding that it is expecting almost half a million metric tons of imports by early January.
The Philippine present economic condition affirms the significance of the extension of the reduced tariff rates for agricultural commodities until 2024 which also helps with the challenge facing high inflation rate, food supply, African Swine Fever (ASF), and market impacts brought by El Niño.
MANILA, Philippines — In a bid to ensure price stability amid concerns of El Niño's impact in the upcoming months, President Ferdinand Marcos Jr. has approved the extension of the reduced tariffs on imported rice and other food items until the end of December 2024, according to a release of the Presidential Communications Office (PCO) on Tuesday.
INFLATION is expected to moderate further next year due to slower economic growth and other factors but continue to miss the target range, an analyst said.
The year 2023 ends with a slower consumption demand; anecdotal evidence indicates December Christmas season 2023 sales were not as good as last year’s. This raises doubts whether economic growth will be strong enough in the last quarter to pull the whole year GDP growth higher than the 5.5 percent most economists predict for 2023.
PRIVATE sector economists have lowered their outlook for full-year growth but remain optimistic about the country's prospects given factors such as lower inflation, higher government spending and increased manufacturing activity.