Lone District of Iligan City Rep. Frederick W. Siao on Monday said the president is empowered by law to cut tariffs or import duties, which can reduce retail prices of consumer goods.
Siao was referring to Section 1608 of the Customs Modernization and Tariff Act.
“There are some tariffs that impact on the production and retail cost of LPG, food, and other consumer items. Those import duties can be reduced to zero, if necessary, for perhaps 6 to 12 months through executive order of the President,” Siao said.
The products that can be detarrificated, according to Siao, are lubricating preparations; LPG cylinders; aircraft engine lubricants; Atlantic salmon and Pacific salmon; bovine meat; imported ham, bacon and belly meat; processed cheese; milk in liquid form; flavored buttermilk ranges; milk and cream; bath and medicated soap; fortified wheat flour; Amoxicillin and Ampicillin; Streptomycin; and Chloramphenicol.