Reduced tariff rates for rice, corn extended until end of next year

PRESIDENT Marcos Jr. has approved the extension of reduced tariff rates for key commodities such as rice, corn, and pork, until December 31, 2024 amid continuing global challenges such as high prices and limited supply of some basic products, Planning Secretary Arsenio Balisacan announced yesterday.

Balisacan, in a briefing after the 12th National Economic and Development Authority (NEDA) Board meeting held in Malacañang, said the President approved the draft executive order on the temporary extension of the Most Favored Nation (MFN) tariff rates on certain commodities covered under Executive Order No. 10, series of 2022 until the end of next year.

He said this means that the tariff rates for pork will remain at 15 percent in-quota and 25 percent out-quota, corn at five percent in-quota and 15 percent out-quota, and rice at 35 percent both in-quota and out-quota during the extended period.

The NEDA Board, which is chaired by the President, also approved the recommendations of the Committee on Tariff and Related Matters to modify the review period for the tariff rate on pork, corn, and rice to twice a year, and the tariff on coal to annually or once a year.

“The proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures,” Balisacan said.

“We will 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 for possible supply and price shocks brought about by major challenges,” he added.

Balisacan said challenges affecting prices of commodities include the worsening African Swine Fever (ASF), shortages in corn and rice productions that lead to more importation, the anticipated impact of the El Niño phenomenon, and continuous increases in commodity prices in the world market.

GAME CHANGING PROJECTS

Balisacan said the President has also approved the construction of an alternative 23-kilometer, four-lane road to bypass the Dalton Pass in Central Luzon, which he said has been closed several times due to