The Philippines: Reduced tariff on rice, corn, and meat extended until 2024

Published Dec 27, 2023

Tridge summary

President Ferdinand Marcos, Jr. has extended reduced tariffs on rice, corn, and meat products until December 31, 2024, in response to the impact of El Niño, African Swine Fever, and trade restrictions. Executive Order No. 50, signed by Executive Secretary Lucas Bersamin, aims to maintain affordable prices, food security, and control inflation. The NEDA Board endorsed the temporary extension of reduced Most Favored Nation rates on rice, corn, and meat of swine until December 31, 2024, and the government will conduct regular reviews of tariff rates to adapt to changing economic conditions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

President Ferdinand Marcos, Jr. has extended the reduced tariff on rice, corn, and meat products until December 31, 2024. Executive Order (EO) No. 50 is in response to the impact of El Niño on the price and production of rice and corn, combined with the persistent threat of African Swine Fever and trade restrictions in some exporting countries. Executive Secretary Lucas Bersamin signed the EO on December 22. “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,” the EO said, emphasizing goals such as food security, controlling inflation, increasing agricultural supply, and diversifying the country’s market sources. Section 1608 of the Republic Act No. 10863 (Customs Modernization and Tariff Act) grants the President authority to adjust import duty rates for general welfare and national security based on National Economic and Development Authority ...

Source: UkrAgroConsult