Tariff cuts on rice, pork extended by one year

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.

- NEIL JAYSON SERVALLOS

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.