(Eagle News)–President Bongbong Marcos has ordered the extension of the temporary reduction of rates of import duty on rice, corn and meat products.
The President gave the order following the National Economic Development Authority Board’s recommendation to extend the same until December 31, 2024.
In ordering the extension through Executive Order No. 50, President Marcos cited the negative impact of El Niño on the price and production of rice and corn, and the continuing prevalence of the African Swine Fever and the trade restrictions in some exporting countries that will affect the prices of the basic commodities.
“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,” he said.
Under Section 1608 of the Republic Act No. 10863, or the Customs Modernization and Tariff Act, the President can 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.
Meanwhile, the President also ordered the NEDA Committee on Tariff and Related Matters to submit its findings and recommendations on the semestral and annual review of tariff rates, including its analysis and monitoring of the subject commodities.
