Philippines Extends Lower Tariffs on Essential Foods Amid Economic Challenges

President Ferdinand “Bongbong” Marcos Jr. has approved the extension of reduced tariffs on staple foods until the end of 2024.

Marcos has issued Executive Order 50 to maintain price stability and ensure affordable prices for rice, corn, and meat products.

“The present economic condition warrants the continued application of the reduced tariff rates on rice, corn, and (pork) to maintain affordable prices for the purpose of ensuring food security,” Marcos said in a statement.

The modified tariffs on rice will remain at 35%, while import taxes on corn are at 5%-15% and meat products at 15%-25%.

Earlier, the National Economic and Development Authority (NEDA) had endorsed the extension.

Under Section 1608 of the Republic Act 10863, President Marcos, in consultation with NEDA, retains the authority to adjust import duty rates in the interest of national security and general welfare.

The reduced tariff of essential goods was first implemented in 2021 and extended this year due to high inflation rates and a proactive measure to tackle the impending El Niño and the persistent threat of African swine fever. (ASC)