December 20, 2022

Philippines extends temporarily reduced tariffs on pork and corn

Philippines' President Ferdinand Marcos Jr has announced that the lower import tariffs on agricultural products, such as pork and corn, have been extended to address supply issues and temper inflation, CNN Philippines reported.

The country's National Economic and Development Authority (NEDA) said the extension of the Executive Order (EO) 171, for imports of pork products, corn, and rice, will be pushed until December 31, 2023.

According to NEDA, the EO, which former Philippines' President Rodrigo Duterte signed in May, aims to boost supply sources, lower the price of major commodities, as well as alleviate and stabilise the impact of inflationary pressures brought on by the Ukraine-Russia crisis.

Marcos approved the extension, keeping the tariff rates for fresh, chilled, or frozen pork at 15% (in-quota), 15% (out-of-quota), for corn at 5% (in-quota), and 35% (in-quota), and for rice at 35%. (in-quota and out-quota).

The NEDA said the extension will aid the nation's poor and most vulnerable citizens, whose welfare is being adversely affected by high inflation.

-      CNN Philippines