Philippines Plans to Drop Food Import Taxes to Ease Inflation

The Philippines plans to cut taxes on food imports to curb broad price pressures, Finance Secretary Carlos Dominguez said Wednesday.

“To ease the potential inflation on food, we are going to drop tariffs on food items that we import,” Dominguez said during a panel with Haslinda Amin at Bloomberg Live’s Asean Business Summit. He didn’t provide specifics, and his office didn’t immediately respond to follow up questions.

While inflation remained within the central bank’s 2%-4% goal in January and February, the monetary authority flagged it may quicken in the coming months as the impact of the war in Ukraine ripples ...