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The
modified rates first approved in 2021 had already been extended
this year due to high inflation, and Marcos said another
extension was needed until the end of next year.
"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 was quoted as saying in a
statement.
Inflation was at 4.1% in November, easing for a second straight
month, but has averaged 6.2% in the first 11 months of 2023,
well outside the Philippine central bank's 2%-4% target for the
year.
The extension of the modified tariffs, Marcos said, is aimed at
ensuring affordable prices of rice, corn and meat products with
the looming effects of the El Nino dry weather phenomenon early
next year and the continued threat of African Swine Fever.
The tariff rate for rice will remain at 35%, while import levies
on corn will stay at 5%-15% and 15%-25% for pork products,
according to the new executive order extending the modified
tariff rates.
(Reporting by Mikhail Flores; Editing by Kanupriya Kapoor)
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