The economic managers of the Marcos administration are working for an extension of the reduced tariff rates on imported pork, rice, corn, and coal to help slow down inflation, Socioeconomic Planning Secretary Arsenio Balisacan said on Wednesday.
Then President Rodrigo Duterte in May issued Executive Order No. 171 which extended until the end of 2022 the reduced rates of import duties on pork, rice, corn, and coal as the Russia-Ukraine war pushed global prices.
Under EO 171, the tariff rate for both in-quota and out-quota pork shipments were kept at reduced rates of 15% and 25% for in-quota and 15% for out-quota.Balisacan said the validity period of the EO 171 will be possibly extended. “They have to complete it before the end of December. Otherwise, we’ll move to a higher tariff regime,” Balisacan said.
“As we are seeing now that prices continue to be elevated, it’s not the right time to get those tariffs up,” Balisacan said.
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