The National Economic and Development Authority (NEDA) board approved the proposed extension of reduced tariff rates on pork, corn, and rice until Dec. 31, 2024, its Secretary Arsenio Balisacan announced on Thursday, Dec. 15.

“The board endorsed the proposed executive order to extend the reduced most favored nations and tariff rates and selected commodities under Executive Order no. 10 series of 2022, including pork, corn and rice until Dec. 31, 2024,” he said in a press briefing at Malacañang Palace.

Balisacan said the following tariff for the three products remains:

• Pork - 15 percent in-quota and 25 percent out-quota

• Corn - 5 percent in-quota and 15 percent out-quota

• Rice - 35 percent in-quota and out-quota

“The proposed extension of reduced tariff will help ensure adequate supply of agricultural commodities and maintain stable and affordable prices. Thereby, better managing potential inflationary pressures. We’ll also be able to encourage alternative supply to diversify the country’s market sources and establish a trade policy,” the NEDA Secretary said.

Balisacan also announced that the NEDA board approved the proposed modification of the review period for tariff rate on coal and pork, corn and rice.

He said the tariff review on coal would now be yearly instead of semestral.

“Meanwhile, the tariff rates on pork, corn, and rice would be reviewed on a semestral basis,” he added.

In January this year, President Ferdinand ‘Bongbong’ Marcos Jr. ordered the temporary extension of lower tariff rates on meat, corn, rice, and coal until Dec. 31, 2023.