MANILA: The extension of the reduced Most Favored Nation (MFN) tariff rates for key agricultural commodities will help keep prices of food stable, the National Economic and Development Authority (NEDA) said on Thursday.
Executive Order (EO) 50, issued by President Ferdinand R. Marcos Jr. on Dec. 22, 2023, extended the reduced MFN tariff rates on pork, corn, and rice until Dec. 31, 2024.
Under the new EO, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out-quota; corn will be at 5 percent in-quota and 15 percent out-quota; and rice at 35 percent for both in-quota and out-quota for the extended period.
NEDA Secretary Arsenio Balisacan said there is a need to diversify market sources to ensure sufficient and affordable food supply in the country.
Balisacan said this will help reduce the risks and alleviate the inflationary pressures caused by the onset of El Niño, the worsening effects of the African swine fever (ASF), and external pressures such as geopolitical tensions and expor
t bans of some countries.
Balisacan said the reduction in tariff rates helped pull down corn inflation and broaden sources for rice.
Additional meat importation also helped in reducing meat inflation.
Balisacan cited the importance of implementing programs that will enhance local food production and boost the productivity of farmers.
These crucial strategies include sustained investments in irrigation, flood control, supply chain logistics, and climate change adaptation.
‘Short-term and long-term interventions need to work together to protect the purchasing power of Filipino households and boost the productivity and income of local producers. Doing so will ensure equitable and sustainable development for the country,” Balisacan said.
Source: Philippines News Agency
