(Eagle News)–The National Economic Development Authority Board has maintained the reduced tariff rates on pork, corn and mechanically-deboned meat.
In a statement, the Presidential Communications Office said under the new Comprehensive Tariff Program for 2024 to 2028 approved on June 3, the board, chaired by President Bongbong Marcos, also maintained the tariff cover for agricultural products such as sugar, onion shallots, broccoli, carrots, cabbage, lettuce, sweet potatoes, cassava, and coffee substitutes, and complete feeds, and feed preparations.
The government conducts the comprehensive tariff review every five years.
NEDA said in the PCO statement that the move will help manage inflation, promote policy stability and investment planning, and enhance food security.
NEDA Chief Arsenio Balisacan said apart from ensuring a liberalized policy regime for food quantities to help temper the impact of commodity shocks and local prices, the board recognized the need to implement long-term and permanent solutions to modernize and improve agricultural productivity.
He said this was key to ensuring a comprehensive and sustainable response to supply constraints and food inflation.