Marcos approves lowering tariffs on rice from 35% to 15%
President Ferdinand Marcos, Jr. issued Executive Order (EO), which will reduce the tariff of rice by 20 percentage points to 15 percent by the end of the year as part of the government's drive to control inflation.
Dated June 20, EO No. 62 contained the modified nomenclature and rates of import duties of various products, including rice.
"The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities consistent with the Philippine national interest the objective of safeguarding the purchasing power of Filipinos," Marcos said in the three-page issuance.
Tariffs for rice will be reduced from 35 percent to 15 percent 15 days after EO 26 is published in the Official Gazette or in a newspaper of general circulation.
The new tariff rate for rice will continue to take effect until 2028.
Other tariff rates for products, including corn, will take effect 30 days after EO 26 is published in the Official Gazette or in a newspaper of general circulation.
EO 62 will maintain the existing tariff for corn to five percent (in-quota) and 15 percent (out-quota) until 2028.
But starting January 2029, its MFN rates will be revert to 35 percent (in-quota) and 50 percent (out-quota) ad valorem. DMS
