NextGen Day

📜🔍 MANILA – The Philippine government is currently reviewing to assess the possible further extension of reduced tariffs on essential agricultural products such as pork, corn, rice, and coal, the Department of Finance (DOF) announced.

“We will have a meeting next month; we’ll wait in September [to see] if we have to extend across all commodities,” Finance Secretary Carlos Dominguez III told reporters in his weekly press briefing.

Last year, President Ferdinand R. Marcos Jr. signed Executive Order No. 10 to extend the temporary modification of import duty rates on several products, including meat, corn, and rice. The move aimed to ensure affordable prices and bolster the country’s agricultural commodities supply.

EO No. 10 extended the reduced Most Favored Nation (MFN) tariff rates on pork (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 until the end of this year.

Undersecretary Zeno Ronald Abenoja of the Department of Finance reported that the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) has already initiated a comprehensive review of these commodities.

“The IAC-IMO has started reviewing all these items, but given the recent developments, typhoons, and also external developments, the review not only covers the four agricultural commodities under the EO, but also the other drivers of inflation we’ve seen in the past few months,” Abenoja said.

While the comprehensive review covers both food and non-food sources of inflation, the extension will specifically focus on rice, corn, pork, and coal, according to Abenoja.

He further explained that the DOF actively participates in the comprehensive tariff review program (CTRP) of MFN tariffs currently being conducted by the Tariff Commission.

“We are participating in that review. If you look at the tariff structure, many tariff rates have gone down quite dramatically,” he said. “We don’t want to pre-empt the result of that review. It involves both the industry and other private sector participation.” 📊🌽🍖💨

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