NEDA endorses extension of reduced tariff rates of rice, corn, meat

National Economic Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday said the Board endorsed the extension of the reduced Most Favored Nation (MFN) tariff rates for basic  commodities such as rice, corn, and meat, until December 31, 2024.

This was announced by Balisacan at a Palace press briefing on Thursday.

''The Board endorsed the proposed executive order to extend the reduced Most Favored Nation (MFN) tariff rates on selected commodities covered by Executive Order No.10 series of 2022, including pork corn and rice until December 31, 2024,'' Balisacan said.

''Thus, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out quota, corn at 5 percent in-quota and 15 percent out-quota, and rice at 35 percent both in-quota and out-quota for the extended period,'' he added.

Signed on December 29, 2022, Marcos Jr. issued Executive Order No. 10, which extended until December 31, 2023 the reduced tariff rates on the following commodities:

• Meat of swine, fresh, chilled, or frozen at 15% (in-quota) and 25% (out-quota)
• Corn at 5% (in-quota) and 15% (out-quota)
• Rice at 35% (in-quota and out-quota)

Meanwhile, he also said the NEDA Board approved the recommendation of the Committee on Tariff and Related Matters to modify the review period for the tariff rate on coal from semestral to an annual basis.

On the other hand, the tariff rates on pork, corn, and rice will be reviewed in a semestral basis.

Balisacan said the proposed extension of reduced tariffs would help ensure an adequate

supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures. — RSJ, GMA Integrated News