The Department of Agriculture (DA) should rethink its proposed changes to the palm oil import policy of the government, according to a nongovernment organization. Bantay Palengke said restricting palm oil imports will trigger a surge in cooking oil prices and make it less accessible particularly to poor households. The group…
The Department of Agriculture should rethink its proposed changes to the palm oil import policy of the government, according to a nongovernment organization.
“We are deeply concerned that the proposed restriction [on palm oil importation], if implemented, could have significant adverse effects. It’s likely that such limitations on free trade could cause palm oil prices to spike, along with the broader vegetable oil industry—including coconut oil,” said Bantay Palengke Convenor Lester Codog.
“What could transpire is the shift of VAT-exempt volumes toward multinational feed mills, who would subsequently mark up prices before selling to lower-income Filipino consumers.” The group had warned against imposing “unnecessary restrictions” on the importation of palm oil, saying this will lead to higher food prices.
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