Marcos issues EO modifying import duty rates of various products

President Ferdinand Marcos Jr. issued an executive order on Thursday modifying the import duty rates of various commodities to temper inflationary pressure and protect the purchasing power of Filipinos.

Under Executive Order No. 62, several commodities such as animal products, plants, pharmaceutical needs, chemicals, etc. shall be subject to the Most Favored Nation (MFN) rates of duty, or what other countries vowed to impose on imports from other World Trade Organization members.

“There is a need for a new multi-year and comprehensive tariff schedule that will provide a transparent and predictable tariff structure, and allow businesses to engage in medium- to long-term planning to improve productivity and competitiveness, facilitate trade, and enhance consumer welfare,” the EO read.

“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” it added.

Last June 3, the National Economic and Development Authority board approved a comprehensive tariff program that calibrates the tariff rates until 2028 “to ensure access and affordability to essential commodities—while balancing the interests of consumers and local producers—which is crucial for fostering rapid, sustained, and inclusive economic growth.”

As cited in the EO, the Customs Modernization and Tariff Act empowers the President to increase, reduce, or remove existing rates of import duty in the interest of the general welfare and national security, and upon the recommendation of the NEDA. —Vince Angelo Ferreras/RF, GMA Integrated News