TAMING INFLATION
PRESIDENT Ferdinand Marcos Jr. approved the new Comprehensive Tariff Program for 2024-2028 covering various agricultural and industrial products.
In a Palace briefing, National Economic Development Authority Secretary Arsenio Balisacan said that the President will issue an Executive Order to adjust the current tarrif rates until 2028.
“This decision aims to lower the price of rice further and make it more affordable,” Balisacan said.
Balisacan said among the products that will get major reduction is rice.
“For rice, one of the most critical components of Filipino households consumption basket, the NEDA Board agrees to reduce the duty rate to 15% for both in-quota and out-quota rates from 35% until 2028. This decision aims to lower the price of rice further and make it more affordable,” Balisacan said..
Based on the latest inflation reports of the Philippine Statistics Authority in the past three months, rice contributed about 2 percentage points or over 50% to the headline inflation.
Balisacan said reducing rice tariff is expected to bring down rice prices for consumers while also supporting domestic production through tariff cover and increased budgetary support to improve agricultural productivity especially as global rice prices remain elevated.
Meanwhile, tariff reduction will also be implemented on certain chemicals and coal briquettes to improve energy security and reduce input costs.
The reduced tariff rates on corn, pork, and mechanically deboned meat under Executive Order No. 50, s. 2023, will be maintained until 2028 to ensure a stable supply of these commodities, help manage inflation, promote policy stability and investment planning, and enhance food security.
