(Eagle News)–The National Economic Development Authority Board has approved the proposed executive order extending until Dec. 31, 2024 the reduced Most Favored Nation tariff rates on selected commodities.
Socioeconomic Planning Secretary Artemio Balisacan said the commodities covered by the approval include rice, pork, and corn.
“The tariff rates for pork will remain 15 percent in-quota and 25 percent out-quota; corn at 5 percent in-quota and 15 percent out-quota; and rice at 35 percent for both in-quota and out-quota for the extended period,” Balisacan said.
He said the tariff rates on pork, corn and rice will be reviewed on a semestral basis.
In the meantime, he said an extension could help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices.
“We’ll also be able to encourage alternative supply to diversify the country’s market sources and establish a forward-looking trade policy that will allow effective and timely response to back for possible supply and price shocks brought about by major challenges such as the worsening African swine fever, anticipated impact of the El Niño phenomenon, and continuous increases in commodity prices in the world market,” he said.
