MANILA — National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday that President Ferdinand Marcos Jr. has approved the temporary extension of several agricultural products.
Balisacan made this announcement during a press briefing at Malacañang, citing the extension as a response to ongoing global market challenges, particularly supply-related issues.
“The Board endorsed the proposed executive order to extend the reduced Most Favored Nation (MFN) tariff rates on selected commodities covered by Executive Order No.10 (EO. 10) series of 2022, including pork, corn and rice until Dec. 31, 2024,” Balisacan said.
On Dec. 29, 2022, Marcos authorized the extension of lowered tariff rates for rice, corn, and meat until December 31, 2023, through the signing of Executive Order No. 10.
EO 10 revised the tariff rates for various agricultural products. Pork now stands at 15% within the minimum access volume (MAV) and 25% beyond the quota.
Corn follows suit with rates set at 5% within the MAV and 15% outside it. As for rice, the tariff remains fixed at 35% regardless of being within or beyond the MAV.
With the extension, Balisacan said that the tariff rates for the products will be reviewed on a semestral basis.
“The proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures,” Balisacan said.
