President Marcos has extended until December next year the implementation of reduced import rates of rice, corn and meat products to counter possible effects of El Niño and African Swine Fever on their prices.

Executive Secretary Lucas Bersamin recently signed Executive Order No. 50 after the President raised concern about the negative impact of El Niño on the price and production of rice and corn, as well as the continuing prevalence of African Swine Fever and the trade restriction in some exporting countries on prices of basic commodities.

Marcos believed the order would ensure the affordability of their prices despite challenges.

"The present economic condition warrants the continued application of the reduced tariff rates on rice, corn, and meat of swine (fresh, chilled or frozen) to maintain affordable prices for the purpose of ensuring food security, managing inflationary pressures, help augment the supply of basic agricultural commodities in the country, and diversify the country’s market sources," the President said in an order signed Dec. 22.

The extension will apply until Dec. 31, 2024.

As early as October, the National Economic and Development Authority (NEDA) raised the possibility of recommending to the President the extension of import tariff to address the increasing price of rice and ensure enough supply through timely and adequate importation.

The NEDA Board formally endorsed the temporary extension of the reduced Most Favored Nation (MFN) rates on December 14.

Under Section 1608 of the Republic Act No. 1086 or the Customs Modernization and Tariff Act, the President is empowered to increase, reduce or remove existing rates of import duty in the interest of general welfare and national security and upon the recommendation of NEDA.

A copy of EO No. 50 is accessible in the Official Gazette, where the rates of import duty are stated as "Annex A."

The President ordered the NEDA Committee on Tariff and Related Matters to submit its findings and recommendations on the semestral and annual review of tariff rates, including analysis and monitoring of the subject commodities, according to the Presidential Communications Office (PCO).