President Ferdinand ‘Bongbong’ Marcos Jr. ordered the temporary extension of lower tariff rates on several food products including meat, corn, rice, and coal until Dec. 31, 2023.

Under Executive Order no. 10 signed by Marcos last Dec. 29, it reduced the Most Favored Nation (MFN) tariff of the following:

• Meat of swine (fresh, chilled, or frozen) - 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 MFN tariff rates for coal were set to zero duty but will be subject to semestrial review after Dec. 31 this year.

Marcos directed the National Economic and Development Authority (NEDA) Committee on Tariff and Related Matters to submit its findings and recommendations on the matter, including analysis and monitoring of the coal market.

According to the issuance, the supply of the country's traditional food sources is affected by the current global economic situation brought about by the COVID-19 pandemic.

It said that the lower tariff rates will help “maintain affordable prices for the purpose of ensuring food security, help augment the supply of basic agricultural commodities in the country, reduce the cost of electricity, and diversify the country's market sources.”