Metro Manila (CNN Philippines, December 14) — The National Economic and Development Authority (NEDA) Board approved the extension of reduced tariff rates on pork, corn, and rice until Dec. 31, 2024, NEDA Sec. Arsenio Balisacan said Thursday.
In a press briefing, Balisacan said the board has likewise proposed an executive order that would retain the lower tariffs until the end of next year.
Executive Order No. 10, which lowered and fixed the tax on agricultural commodities to what are known as Most Favored Nation tariff rates, is set to expire at the end of the year.
Under EO No. 10, the tariff rates for pork (fresh, chilled, or frozen) is at 15% (in-quota) and 25% (out-quota); corn at 5% (in-quota) and 15% (out-quota); and rice at 35% (in-quota and out-quota).
\”The proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby managing potential inflationary pressures,\” Balisacan said.
Malacanang has yet to release the EO extending the reduced tariff rates.
Meanwhile, Balisacan blamed the looming impact of El Niño as among the reasons behind high prices of rice.
\”The inflation for rice is quite high,\” he said. \”And that is because in the world market, prices continue to rise. Partly arising from the fact that the world is expecting an El Niño that affects most rice producing countries. And the bans imposed by India continue and the world market take those into account.\”
\”Just to ensure that those higher prices will not be transmitted to our local markets, at least temper the effects of those prices on the global market in our local markets, we need to keep those reduced tariffs,\” the NEDA chief stressed.
Also, during the last NEDA Board meeting for this year, they approved the construction of the 23-kilometer Dalton Pass East Alignment Road.
Balisacan said the P67.4 billion project will serve as an alternative road to bypass the existing Dalton Pass in Central Luzon.
The board also approved the second phase of the Master Plan on High Standard Highway (HSH) Network Development of the Department of Public Works and Highways.
The socioeconomic planning secretary said part of this masterplan is the construction of 53 road projects.
