High prices
PRESIDENT Marcos has issued an executive order (EO) that reflects the government’s genuine concern over the rising prices of goods in the country.
In issuing EO No. 50, Marcos said there is a need to maintain the temporary modification of rates of import duty on rice, corn and meat products.
This is to ensure affordable prices amid the negative impact of the El Nino phenomenon on the price and production of rice and corn in the country.
Then there’s the continuing prevalence of African Swine Fever (ASF) and the trade restrictions imposed by some exporting nations that affect prices of goods.
Under the Customs Modernization and Tariff Act (CMTA), the Chief Executive is empowered to increase, reduce or remove existing rates of import duty.
The National Economic and Development Authority (NEDA) board had earlier endorsed the temporary extension up to the end of 2024 the reduced Most Favored Nation rates for rice, corn and swine meat.
The reduced tariff rates were granted under EO No. 10, which was issued in December last year. L
We agree with President Marcos when he said that the present economic condition warrants the continued application of the reduced tariff rates.
Let’s unburden the citizens from the problem of high-priced goods.
