Reduced tariff on rice, corn, meat extended until 2024

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Reduced tariff on rice, corn, meat extended until 2024
Image by MLbay from Pixabay
  • President Marcos extended the reduced tariff on rice, corn and meat until December 2024
  • The move is in response to challenges posed by El Niño and African Swine Fever

President Ferdinand Marcos, Jr. has extended the reduced tariff on rice, corn, and meat products until December 31, 2024.

Executive Order (EO) No. 50 is in response to the impact of El Niño on the price and production of rice and corn, combined with the persistent threat of African Swine Fever and trade restrictions in some exporting countries.

Executive Secretary Lucas Bersamin signed the EO on December 22.

“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,” the EO said, emphasizing goals such as food security, controlling inflation, increasing agricultural supply, and diversifying the country’s market sources.

Section 1608 of the Republic Act No. 10863 (Customs Modernization and Tariff Act) grants the President authority to adjust import duty rates for general welfare and national security based on National Economic and Development Authority (NEDA) recommendations.

The NEDA Board endorsed the temporary extension of the reduced Most Favored Nation (MFN) rates on December 14, 2023 under Executive Order No. 10 on rice, corn and meat of swine (fresh, chilled or frozen) until December 31, 2024.

The President directed the NEDA Committee on Tariff and Related Matters to conduct semestral and annual reviews of tariff rates, including a comprehensive analysis and monitoring of the subject commodities. It shows the government is committed to quickly adapting to changing economic conditions and ensuring the well-being of the Filipino people.