This bill seeks to impose a five (5) year tariff rates reduction scheme currently at three percent (3%) in the importation of food and beverages. The proposed tariff adjustment is expected to maintain the viability of industries and companies that engage in the importation of food and beverages and at the same time protect the thousands of jobs that are dependent on these companies. through the bill, the food and beverage sectors are expected to maintain their viability and improve their performance, thereby rendering an increase in other forms of government revenues like corporate and individual income tax, value-added tax, documentary stamp tax, local business taxes, among others; and providing direct and indirect employment.