MANILA – Inflation rate may be lowered to 3.8 percent this year with the implementation of the executive order lowering the tariff on imported pork, acting socioeconomic planning secretary Karl Kendrick Chua said.
“Ang inflation po natin this year ay aabot na sa 4.2 percent. Lampas na ito sa ating target range of 2 to 4 percent pero dahil sa executive order 128… ito ay pwedeng magbaba sa inflation rate to 3.8 percent,” he explained on Monday.
He was referring to the executive order issued by President Rodrigo Duterte last week that reduces tariffs on imported pork.
Based on government data, the increase in prices of basic goods slowed in March to 4.5 percent, slightly lower than 4.7 percent the previous month but quicker than 2.5 percent last year. Meat prices recorded the quickest pace at 20.9 percent, slightly up from 20.7 percent in February.
With the implementation of the order, pork prices will slide to around P215 to P222 per kilo from the current price of P300 per kilo.
Meanwhile, Agriculture chief William Dar announced that Duterte’s executive order is already in effect. This is amid the clamor of several lawmakers asking the President to withdraw it, for this will only hurt the local pork industry.
“We are not killing the local hog industry. Ang inaangkat lang po natin ay iyong kakulangan natin,” he said.
Dar assured that the implementation will be properly managed, hoping that its goal of lowering pork prices in the market will be attained.(CNN)
