Tariff cuts on rice, pork extended by one year

MANILA, Philippines — President Marcos has extended the lower tariffs on rice, corn and pork until the end of 2024 to ensure affordability during El Niño and amid possible outbreaks of African swine fever.

On behalf of Marcos, Executive Secretary Lucas Bersamin signed Executive Order (EO) 50, which maintains the lower tariffs on these commodities.

The EO cited possible droughts and dry spells that could affect rice and corn production as well as trade restrictions in some countries that could affect prices.

”The present economic condition warrants the continued application of reduced tariff rates on rice, corn and meat of swine – fresh, chilled or frozen – to maintain affordable prices,” Marcos said in the EO.

The EO also intends to ensure food security, help manage inflationary pressures and augment the supply of basic agricultural commodities and diversify the country’s market sources.

On Dec. 14, the President’s economic team endorsed the extension of the tariff cuts – a measure that has been in effect since late last year under EO 10.

Under the current modifications on import duties, the tariff rate for rice is 35 percent; for pork, 15 to 25 percent, and corn, five to 15 percent.

The extension of tariff cuts for these commodities will remain in effect until Dec. 31, 2024.

Meanwhile, tarrif rates for coal under EO 10 will be subjected to annual review after the end of this year.

Marcos also ordered the committee on tariff and related matters of the National Economic and Development Authority to submit its findings and recommendations on the semestral and annual review of tariff rates, including analysis and monitoring of subject commodities.

El Niño is expected to peak in April, with 63 provinces projected to bear the brunt of the dry spell until the second quarter of 2024.

Marcos ordered the creation of a task force to handle the impacts of El Niño this month, noting the prevailing weather phenomenon is similar to the one that occurred in 1997 to 1998, which caused billions of pesos in damage to agriculture.

Meanwhile, the Bureau of Customs (BOC) has seized suspected smuggled rice with an estimated value of P26 million and the vessel that delivered the