President Ferdinand Marcos Jr. (File photo from the Facebook account of the Office of the President)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has signed an order extending the temporary modification of import duty rates on several agricultural products to maintain affordable prices and ensure supply.
Executive Order No. 10, which Marcos signed on Dec. 29, imposes the Most Favored Nation rates of duty on the following:
- pork, whether fresh, chilled, or frozen – 15% in-quota and 25% out-quota
- corn – 5% in-quota and 15% out-quota
- rice – 35% for both in-quota and out-quota
- coal – zero duty
Marcos said he issued to order “to maintain affordable prices for the purpose of ensuring food security, help augment the supply of basic agricultural commodities in the country, and diversify the country’s market sources, among others.”
“The current global economic situation brought about by the COVID-19 pandemic, as well as other factors affecting the country’s traditional sources of rice, corn, coal, and fresh, chilled, or frozen meat of swine, cause uncertainty in the steady supply of said commodities,” the order reads.
“The high inflation caused by supply constraints, expected shortage in the global supply and rise in international commodity prices present economic and trade implications to the country and the Filipino people/”
The tariff rates on coal will be subjected to a semestral review after Dec. 31, 2023.
The order mandates the Committee on Tariff and Related Matters of the National Economic and Development Authority (NEDA) to submit to the president, through the Office of the Executive Secretary, its findings and recommendations on the matter, including an analysis and monitoring of the coal market.
Previous executive orders — Nos. 134 and 135 — modified the MFN import duty rates on swine meat until May 17, 2022, and rice until June 1, 2022.
Another order, No. 171, extended the effectivity of the reduced tariff rates under those previous orders and reduced the tariff rates on maize and coal until Dec. 21, 2022.