The Philippine government will extend the zero tariff on wheat and cement imports by another six months, Trade Secretary Gregory Domingo said on Thursday.
Domingo said in a Palace briefing that the extension will be fasttracked in the Cabinet so that the appropriate Executive Order may be issued when Congress goes into recess.
"The price of wheat which translates to flour is quite high right now. So, we'd like to continue to support lower prices by providing zero tariff first until situation normalizes," he said.
Domingo said that world prices of wheat have gone up because of the drought in Russia, a major wheat exporter, among others.
Executive Order 863, issued on Feb. 19 this year, allowed the duty-free entry of wheat and flour in the Philippines to stabilize prices and supply for six months.
The trade chief said the zero tariff on cement imports will also be extended, adding the technical committee on the Tariff Related Matters is recommending the extension of the zero-percent tariff on the two products.
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