BusinessMirror December 30-31, 2021

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Revenue loss from pork tariff cuts is P3.6B By Bernadette D. Nicolas

pork imports that came into the country during the eightmonth period. By the end of this year, the government projects losing a total of P5.4 billion from pork tariff cuts. A series of executive orders (EO) was signed by President Duterte to lower pork import tariffs and increase the allowable import volume of meat to help stabilize the domestic supply and prices. Under EO 128, pork tariff rates were temporarily cut to 5 percent for in-quota imports and to 15 percent for out-quota imports for the first three months of the measure; and to

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HE government’s foregone revenues from reducing tariffs on pork imports reached P3.6 billion as of mid-December. According to the Bureau of Customs, this was the estimated foregone revenues from April 7 to December 10 since pork import tariffs were cut in a bid to quell inflation by boosting pork supply and stabilizing retail prices in the domestic market. The bureau also collected P3.3 billion in revenues from P214 million kilograms of

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10 percent (in-quota) and to 20 percent (out-quota) in the next nine months. Prior to EO 128, tariff rates for pork imports were at 30 percent (inquota) and 40 percent (outquota). However, EO 128 was only in effect from April 7 to May 14 after President Duterte issued EO 134, repealing the previous issuance. This, after lawmakers expressed concern that the toolow pork tariff rates will flood the market with imported pork and deepen the misery of local hog raisers already reeling from the impact of African swine fever.

Duterte’s signing of EO 134 paved the way for the slight increase in pork tariff rates to 10 percent (in-quota) and to 20 percent (out-quota) for the first three months; and to 15 percent (in-quota) and to 25 percent (out-quota) in the next nine months. The one-year effectivity of EO 134 began on May 15, 2021. Apart from this, Duterte also issued EO 133, hiking the Minimum Access Volume (MAV) for pork imports this year to 254,210 metric tons (MT) from the current 54,210 MT. Any unavailable balance at the end of 2021 shall not be carried over to 2022.

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Thursday-Friday, December 30-31, 2021 Vol. 17 No. 83-84

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GOVT EYES P120B WITH LIFTING OF OPEN-PIT BAN By Samuel P. Medenilla @sam_medenilla

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HE government is expected to collect an additional P120 billion worth of revenue with the resumption of open-pit mining operations nationwide, according to the Department of Environment and Natural Resources (DENR). In a televised interview on Wednesday, Environment Undersecretary Jonas R. Leones said this is the expected amount of funds to be collected by the government from four mining firms that will benefit from Department Administrative Order (DAO) No. 2021-40. The issuance, which was signed last week, lifted the

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HE national government’s outstanding debt was trimmed to P11.93 trillion as of endNovember this year, but this was still beyond the government’s expected level of P11.73 trillion for this year. From P9.795 trillion by the end of 2020, the debt stock has already jumped by 21.8 percent. The bulk of the debt was still sourced locally at 70.7 percent while the remaining 29.3 percent came from foreign borrowings. Domestic debt as of end-November went down to P8.44 trillion from P8.47 trillion as of endOctober. Year-on-year, domestic debt grew by 17.4 percent from P7.19 trillion in November 2020.

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THE DENR official disclosed the ban on open-pit mining was reviewed as the government looks for additional revenue to fund its response to the Covid-19 pandemic. The resumption of openpit mines, Leones said, will allow the country to utilize its still untapped mineral resources. “We are only able to get less than 3 percent [of the said resources]. So we can still

After delay, Duterte to sign ’22 budget Dec. 30

By Bernadette D. Nicolas

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Untapped resources

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A VOLUNTEER casts her vote at the Tenement Elementary School in Taguig City, as the Commission on Elections on Wednesday conducted mock elections in 34 barangays nationwide in preparation for the general elections on May 9, 2022. Story in Nation, page A4. NONIE REYES

Latest data released by the Bureau of the Treasury on Wednesday showed that the current debt stock dipped by P39.7 billion or 0.3 percent from P11.97 trillion as of end-October, mainly due to the net redemption of domestic securities and favorable foreign exchange rates. However, this was still a 17.7-percent increase from P10.13 trillion as of end-November last year.

four-year-old ban on the openpit method for mining. “We project that if these four resume [their operations], we would probably collect P120 billion worth of additional income,” Leones said.

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By Samuel P. Medenilla

Aside from the signing of the 2022 GAA, Nograles said, Duterte may also be engaged in other activities on Thursday, which may include visiting other typhoon-hit areas. “The President has several activities which are lined up [for Dec. 30], but we are still monitoring the weather conditions so I cannot give any announcements yet,” Nograles said. Several government agencies including the Department of Education (DepEd), Department of Trade and Industry (DTI) and the Department of Labor and Employment (DOLE) are eagerly awaiting passage of the 2022 GAA to further finance their programs to help communities, which were devastated by Typhoon Odette (international code name Rai). DepEd is eyeing to get additional funding for the reconstruction and rehabilitation of its destroyed classrooms, while DOLE and DTI

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RESIDENT Duterte is set to sign the P5-trillion 2022 General Appropriations Act (GAA) on Thursday. This after the event was postponed from its initial schedule on Dec. 28, 2021, with Malacañang saying it had yet to complete its review of the provisions of the 2022 national budget. “As promised, the President will sign this very important measure not before December 31 as I mentioned yesterday. So tomorrow [Dec. 30[, the President is scheduled to sign the national budget for 2022,” Acting Presidential spokesperson Karlo B. Nograles said in a virtual briefing. Last Monday, the Department of Budget and Management (DBM) announced that at least one provision of the 2022 GAA is being considered for veto by the President.

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need more funds to give financial aid to typhoon-affected workers and employers, respectively. A considerable portion of the budget will also be allocated for the government’s continued measures related to the novel coronavirus disease (Covid-19). This includes the procurement of Covid-19 booster shots. Earlier, when the scheduled December 28 signing was postponed, Acting Budget Secretary Tina Marie Rose L. Canda explained that the 2022 GAA is still going through a review process to determine if some of its provisions will be vetoed by President Duterte. “For the items to be vetoed, I remember only one. But I don’t think I am in a position to discuss it at this point because it is still being reviewed,” Canda said. Earlier, House Deputy Speaker Bernadette Herrera expressed confidence the final version of the 2022 General Appropriations

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Act complies with the Constitution, thus reducing the chances of a veto. “The GAB [General Appropriations Act] was prepared with the constitutionality of every provision in mind, and we are confident PRRD [Duterte] won’t veto its provisions, especially those related to Covid-19 response,” the Bagong Henerasyon representative said. “Next year’s national budget includes appropriations for benefits and compensation for health care workers, hiring of human resource for health emergency, laboratory network commodities, free Covid-19 tests for jobseekers, procurement of vaccine booster shots, hiring and training of contact tracers, among others,” Herrera said. “Most, if not all of these, were not funded in the National Expenditure Program or the original budget document submitted by Malacañang to Congress,” she noted.

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Source: BSP (December 29, 2021)


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