Philippine President Benigno Aquino said on Thursday that import duties on cement and wheat imports will be suspended to limit the impact of rising global prices on domestic buyers.
Wheat and cement imports were exempted from the duties in late 2008 by the previous government. A plan by the new government to extend the exemption last year did not eventuate.
"We are trying to cushion the impact of increasing prices by having those tax breaks... on both wheat and cement," Aquino told reporters. He did not say how long the tariffs would be suspended.