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27-12-2023
Ferdinand Marcos Jr. has approved the extension of tariff reductions on rice and other food items until the end of 2024 to keep prices stable in the face of the threat of dry weather in the coming months Tuesday, the Philippine president's office said.
The modified rates, first approved in 2021, were extended this year due to high inflation, and Marcos said another extension until the end of next year was needed.
In a statement, Marcos said, "The current economic situation requires the continuation of reduced tariffs on rice, corn and pork ...... to maintain affordable prices to ensure food security."
Inflation slowed for the second consecutive month to 4.1 % in November, but averaged 6.2 % for the first 11 months of 2023, well above the Bangko Sentral ng Pilipinas' target of 2-4 % this year.
Marcos said the extension of the modified tariffs is aimed at ensuring affordable prices for rice, corn and meat products as the El Niño dry weather phenomenon and the continued threat of African swine fever loom early next year.
Under the new executive order extending the modified tariff rates, the tariff rate on rice will remain at 35 %, while the import tariff on corn will remain at 5 to 15 %, and the import tariff on pork products will remain at 15 to 25 %.
Shanghai Tendata iTrader – Leveraging the Pivot of Tendata's Global Trade Map:
Shanghai Tendata iTrader is an all-encompassing data tool that integrates information collection, processing, data visualization, and result analysis. Serving as an essential weapon in the trade expansion process, Shanghai Tendata iTrader can organize and calculate high-precision matching resources based on user segmentation of customers. Simultaneously, it aids users in executing customer-centric expansion strategy business processes, thereby increasing the company's profitability and customer satisfaction with services. Tendata can help import and export businesses better explore markets and unearth customers (>>>Click to Develop New Customers).
I. Import and Export Business Expansion
Unable to find customers, finding customers but unable to penetrate deeply, unable to negotiate suitable prices after penetration, having a suitable price but no appropriate transaction volume, finally reaching the other side, but no one claims the goods. (>>>Shanghai Tendata Official Website)
1. Finding Customers
Shanghai Tendata iTrader covers trade data for 208 countries and regions, business data for 198 countries and regions, internet data for 141 countries, 100+ billion trade data, 120 million in-depth enterprise data, and 130 million buyer databases. It provides various search methods, allowing intelligent one-click queries based on products, company names, HS codes, SIC codes, etc. Additionally, it offers 17 visualized reports to help businesses accurately position and analyze the market, finding high-quality import and export customers. (>>>Click to Develop New Customers)
2. Customer Acquisition
Based on user-set search criteria, Shanghai Tendata iTrader's software center conducts high-precision relationship matching of search results. The calculated results are then returned to the user center, expressed in visual forms such as lists, pie charts, line graphs, bar graphs, etc. Content includes customer names under corresponding conditions, names and contact information of department heads, visualizations of transaction chain changes within a specific time frame, peer companies of the same level, nearby peers geographically, financial dynamics of customers over the past 3 or 10 years, credit ratings, etc. (>>>Click to Analyze Customers)
With the clarified customer relationships, clients can strategically plan their approach. Additionally, they can categorize and follow up on customer communication based on feedback received through email.
3. Customer Retention
The most effective way to maintain trading relationships between people is to anticipate and address the current or future needs of the other party, understanding them better than they understand themselves. (>>>Click to Analyze Buyers)
In line with this philosophy, we have set two push functions for trade operators in the customer retention stage.
(1) Timely push notifications for client news on streaming media.
(2) Periodic push of industry trends or analyses.
II. Successful Cases of Shanghai Tendata
Shanghai Tendata's data has undergone over a decade of development and currently holds a leading position in the field of import and export data providers. As of now, Tendata has served over 50,000 import and export enterprises nationwide, and the precision inquiry response rate has reached around 0.3%.
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