The president said the current economic situation of the country necessitates the extension of the application of the reduced tariff rates on rice, corn, and meat of swine products. — Philippine Daily Inquirer
MANILA: President Marcos has issued an executive order that maintains the temporary modification of rates of import duty on rice, corn and meat products for one more year.
In issuing the Executive Order No. 50, the president needs to ensure affordable prices of the goods amid the negative impact of the El Niño weather phenomenon on the price and production of rice and corn, the continuing prevalence of African Swine Fever (ASF), and the trade restriction imposed by some exporting countries that will affect prices of the basic commodities.
The executive order, signed by Executive Secretary Lucas Bersamin on Dec 22, was uploaded on the Official Gazette website on Tuesday.
The president said the current economic situation of the country necessitates the extension of the application of the reduced tariff rates on rice, corn, and meat of swine products to sustain affordable prices in the market.
“The present economic condition warrants the continued application of the reduced tariff rates on rice, corn and pork (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,” he said.
The president also ordered the National Economic Development Authority’s (Neda) committee on tariff and related matters to submit its findings and recommendations on the biannual and annual review of tariff rates including analysis and monitoring of the subject commodities.
Under Section 1608 of the Republic Act No. 10863, or the Customs Modernisation 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 Neda.
In its meeting on Dec 14, the Neda Board endorsed the temporary extension up to the end of 2024 the reduced most-favoured-nation rates for rice, corn and pork that were granted under Executive Order 10 in December last year. — Philippine Daily Inquirer/ANN
