President Ferdinand ‘Bongbong’ Marcos Jr. has issued an Executive Order (EO) formally extending the reduced tariff rates for meat, corn, and rice until Dec. 31, 2024, amidst the looming effects of El Niño and African Swine Fever (ASF).
Under EO No. 50 signed on Dec. 22 and posted on the Official Gazette’s website on Dec. 26, Marcos underscored the necessity of maintaining a lower tariff as he said that the El Niño phenomenon “is expected to negatively impact” the local production and prices of rice and corn in local and international markets.
“The continuing prevalence of African Swine Fever, as well as trade restrictions in some exporting countries, causes uncertainty in the country's steady supply of rice, corn, and meat of swine (fresh, chilled, or frozen),” he added.
The President also cited that the country’s 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."
Last Dec. 15, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan announced that the board approved a proposed executive order extending the reduced tariff rates on the three food products until December 2024.
Balisacan said the following tariffs remain:
- 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
Under the signed EO No. 50, Marcos also approved the NEDA’s recommendation that the tariff rate on pork, corn, and rice shall be reviewed on a semestral basis, and the tariff rate on coal shall be reviewed yearly.
"For this purpose, the NEDA Committee on Tariff and Related Matters shall submit to the President, through the Office of the Executive Secretary, its findings and recommendations on the matter, including analysis and monitoring of the subject commodities,” the President said.
