Marcos extends temporary modification of rates of import duty on various products until December 2024
President Ferdinand Marcos Jr. has issued Executive Order (EO) No. 50, which maintains the temporary modification of rates of import duty on rice, corn and meat products to ensure affordable prices of the goods amid the looming effects of El Nino phenomenon and the African Swine Fever.
In issuing the EO, Marcos cited the negative impact of the El Nino on the price and production of rice and corn, and the continuing prevalence of African Swine Fever and the trade restriction in some exporting countries that will affect prices of the basic commodities.
Executive Secretary Lucas Bersamin signed the six-page EO on December 22.
Marcos said that the present economic condition of the Philippines warrants the extension of the application of the reduced tariff rates on rice, corn and meat of swine products to sustain affordable prices in the market.
“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,” Marcos said.
Under Section 1608 of the Republic Act No. 10863, or the Customs Modernization and Tariff Act, the President is empowered to increase, reduce or remove existing rates of import duty in the interest of general welfare and national security and upon the recommendation of the National Economic and Development Authority (NEDA).
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.
A copy of Executive Order No. 50 is accessible in the Official Gazette where the rates of import duty are stated as “Annex A.”
The President 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 analysis and monitoring of the subject commodities. Presidential News Desk
