Marcos orders continued reduction of import duty rates on rice, corn, meat

President Ferdinand ''Bongbong'' Marcos Jr. has extended the temporary modification of rates of import duty on rice, corn and meat products until December 2024 to ensure affordable prices of basic goods amid the effects of the El Niño phenomenon and the African Swine Fever.

In signing Executive Order No. 50, Marcos said the present economic condition of the Philippines warrants the extension of the application of the reduced tariff rates on rice, corn and meat of swine products to sustain affordable prices in the markets.

“The present economic condition warrants the continued application of the reduced tariff rates on rice, corn, and meat of swine (fresh, chilled or frozen) to maintain affordable prices for the purpose of ensuring food security, managing inflationary pressures, help augment the supply of basic agricultural commodities in the country, and diversify the country’s market sources,” Marcos said in the EO.

Executive Secretary Lucas Bersamin signed the six-page EO on December 22, according to the Presidential Communication Office.

To recall, the National Economic Development Authority (NEDA) had 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.

'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,'' NEDA Secretary Arsenio Balisacan had 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.

Under Section 1608 of the Republic Act No. 10863, or the Customs Modernization and Tariff Act, the President is empowered to increase, reduce or remove existing rates of import duty in the interest of general welfare and national security and upon the recommendation of the NEDA.

Marcos tasked the NEDA Committee on Tariff and Related Matters to submit its findings and recommendations on the semestral and annual review of tariff rates including analysis and monitoring of the subject commodities. — RSJ, GMA Integrated News