0
The National Economic and Development Authority Board endorsed the proposed Executive Order to extend the reduced Most Favored Nation (MFN) tariff rates on selected commodities covered under Executive Order No. 10, series of 2022, including pork, corn, and rice, until December 31, 2024. Thus, the tariff rates for pork will remain at 15% in-quota and 25% out- quota, corn at 5% in-quota and 15% out-quota, and rice at 35% both in-quota and out-quota for the extended period. Tariff rates on pork, corn, and rice will be reviewed on a semestral basis.
The Board 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 such as the worsening African swine fever, anticipated impact of the El Niño phenomenon, and continuous increases in commodity prices in the world market.
December 14, 2023/ National Economic and
Development Authority/ Philippines.
https://neda.gov.ph
