President Ferdinand Marcos Jr. has approved the National Economic and Development Authority (NEDA) Board’s endorsement of an executive order (EO) extending the temporary modification of the rates of import duty on various products to address supply issues and temper inflation.
EO No. 171 which temporarily reduces the Most Favoured Nation (MFN) tariff rates on meat of swine (fresh, chilled, or frozen), maize, rice, and coal until Dec. 31, 2023, aims to mitigate and stabilize the impact of inflationary pressures as a result of the Ukraine-russia crisis, expand supply sources, and reduce the prices of key commodities.
EO No. 171 extends the reduced rates of duty on the following commodities: meat of swine, fresh, chilled, or frozen at 15% (in-quota) and 25% (out-quota); corn at 5% (in-quota) and 15% (out-quota); rice at 35% (in-quota and out-quota); and coal at zero duty.
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