NEDA endorses proposed EO extending MFN tariff rates on certain commodities
The National Economic and Development Authority (NEDA) endorsed a proposed executive order temporarily extending Most Favored Nation (MFN) tariff rates on certain commodities covered under Executive Order No. 10
The commodities also cover pork, corn and rice in the draft executive order which runs through December 31, 2024.
Thus, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out- quota, corn at five percent in-quota and 15 percent out-quota, and rice at 35 percent both in-quota and out-quota for the extended period.
In addition, the NEDA Board also approved the recommendation of the Committee on Tariff and Related Matters to modify the review period for the tariff rate on coal from semestral to an annual basis.
Tariff rates on pork, corn, and rice will be reviewed in 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, said NEDA Secretary Arsenio Balisacan. NEDA Public Affairs
