Extended Tariff Relief: Philippines Keeps Reduced Import Rates on Essential Foods

In a move to stabilize prices and ensure the availability of essential commodities, the Philippines has extended reduced Most Favored Nation (MFN) tariff rates on several key agricultural products. Under Executive Order No. 10, the lower import duties on rice, corn, and swine meat (fresh, chilled, or frozen) will be maintained until December 31, 2024. This extension was endorsed by the National Economic Development Authority (NEDA) and announced by Socioeconomic Planning Secretary Arsenio Balisacan.

The sustained lower tariffs are part of the government’s broader strategy to manage inflation and ensure food security. The tariff rate for imported rice will remain at 35%, while import levies on corn and pork products will continue at 5%-15% and 15%-25%, respectively. These measures are expected to help mitigate potential inflationary pressures and support the local economy.

This decision follows the initial reduction in tariffs under Executive Order (EO) 171, issued on December 29, 2022, by President Ferdinand R. Marcos, Jr. The extension of these lowered tariffs reflects the government’s ongoing efforts to balance the needs of consumers and producers in the Philippines’ agricultural sector.