Related Articles...
Featured Video
Adobe Flash Player not installed or older than 9.0.115!
| Wheat, cement still tariff-free |
 |
 |
 |
| Monday, 08 February 2010 20:02 |
|
PRESIDENT Macapagal-Arroyo approved the recommendation of the Cabinet to extend the duty-free importation of wheat and cement. Trade Secretary Peter Favila said zero-tariff will be in effect for six more months and is seen to stabilize the price of bread products and cement. The extension order will be effective from the time the ruling on zero-tariff on certain commodities lapsed last month. The DTI said chief bakers and flour millers who had followed up on the extension of the duty-free importation of wheat have given assurances that there will be no increase in bread prices. He said cement prices are also expected to stabilize even as he warned unscrupulous traders against overpricing. Cement prices have gone up to as high as P270 per 40-kilogram bag in December from only P205 due to the tight supply in the domestic market. Favila said even the Departments of Finance and Budget and Management, which initially had reservations about the extension given its impact on revenues, approved the proposal for the benefit especially of the poor consumers. “It (revenue impact) turned out it was only not really so significant an amount. Between X and the number of the consumers especially the poor ones, we go for this, and that was approved, extending it to zero,” he said. “Maganda sana sabihin na subsidies should be minimized but what do you do? You cannot let people wait. Government has to act and act decisively,” Favila said. |
