‘Ample supply, not tax cuts prices’

TRADE Secretary Ramon Lopez Trade Secretary Ramon Lopez on Monday said slashing the tax on imported meat, fish, vegetables and other goods should only have “minimum effect” on prices.

As a result, he urged the Committee on Tariff and Related Matters, including the Department of Agriculture, to recommended instead “supply-oriented actions and volume enhancements that would have immediate impact.”

According to Lopez, reducing the tax rates is not the solution.

“After consulting with various stakeholders as well as the current status of tariff rates, there’ll be minimum movement if we bring the tariff to five percent. So, this would not be the solution,” he said.

Lopez also stressed the focus should be on finding realistic and sturdy solutions to lower the skyrocketing price of services and goods.

“We need to focus our efforts in finding realistic and practical solutions to lower the prices while balancing the interests of both consumers and producers,” Lopez said.

Albay Rep. Joey Salceda earlier recommended imposing zero tariffs on prime commodities to help tame inflation, which quickened for the seventh straight month in July.