CNA – Philippine President Ferdinand Marcos Jr approved the recommendation of the Economic Ministry to extend up to the end of next year lower tariff rates on rice and other food items to help combat inflation, his office said yesterday.
The modified rates approved in 2021 were due to expire at the end of this year, but an inflation rate running at 14-year highs warranted an extension of the tariff reprieve until December 31, 2023.
That means the tariff rate for imported rice will stay at 35 per cent, while the import levies on corn and meat products will remain at five per cent to 15 per cent and 15 per cent to 25 per cent respectively, the press secretary’s office said in a statement.
The tariff for coal imports, a key fuel in power generation, will remain at zero beyond the end of next year, but will be reviewed regularly.
“Through the policy, we shall augment our domestic food supplies, diversify our sources of food staples, and temper inflationary pressures arising from supply constraints and rising international prices of production inputs,” Economic Planning Secretary Arsenio Balisacan said in the statement.