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Manila Bulletin devider Philippines devider National devider Marcos okays extension of import duty cuts on of food, coal products

Marcos okays extension of import duty cuts on of food, coal products

Published Dec 18, 2022 02:17 pm

President Ferdinand "Bongbong" Marcos Jr. has approved the proposal of the National Economic and Development Authority (NEDA) to extend the temporary modification of import duty rates on various products to address supply issues and temper inflation.

(Photo courtesy of Malacañang)

Marcos approved NEDA's endorsement of an executive order (EO) on the matter on Friday, Dec. 16, during the NEDA Board meeting presided over by the President.

According to the NEDA, EO No. 171, which temporarily reduces the Most Favored Nation (MFN) tariff rates on meat of swine (fresh, chilled, or frozen), maize, rice, and coal until Dec. 31, 2023, aims to mitigate and stabilize the impact of inflationary pressures as a result of the Ukraine-Russia crisis, expand supply sources, and reduce the prices of key commodities.

EO No. 171 extends the reduced rates of duty on the following commodities: meat of swine, fresh, chilled, or frozen at 15 percent (in-quota) and 25 percent (out-quota); corn at 5 percent (in-quota) and 15 percent (out-quota); rice at 35 percent (in-quota and out-quota); and coal at zero duty.

In a statement on Saturday, Socioeconomic Planning Secretary Arsenio Balisacan said the extension will "provide relief to poor and vulnerable segments of the Filipino population whose welfare is reduced because of high inflation."

"Through this 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 due to external conflict," said Balisacan.

Republic Act 10863, otherwise known as the "Customs Modernization and Tariff Act," empowers the President, in the interest of general welfare and national security, and upon the recommendation of NEDA, to increase, reduce or remove existing rates of import duty.

Amid a subdued global economic outlook in 2023, Balisacan anticipates favorable economic conditions for the Philippines in the near term.

He said these include the expected reopening of China's economy, moderating global oil prices, easing of aggressive monetary policy tightening, and sustained remittance inflows.

"We are determined to steer the Philippine economy to meet the 6.0 percent to 7.0 percent economic growth target for 2023, as set by the NEDA Board's Development Budget Coordination Committee or DBCC," Balisacan pointed out.

Related Tags

Bongbong Marcos neda Import duty 121822 EO 171 President Marcos
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