Philippine President Ferdinand Marcos Jr has approved a further extension of lower tariff rates on pork as the country battles inflation.
Socioeconomic Planning Secretary Arsenio Balisacan announced on Thursday that the board endorsed the proposed executive order to extend the reduced Most Favored Nation tariff rates on selected commodities under EO 10 series of 2022, including pork, corn and rice until Dec. 31, Balisacan said in Inquirer.net.
The executive order was originally set to expire by year end.
Balisacan said that the tariff rates for pork will remain at 15% for in-quota and 25% for out-quota.
The tariff rates for corn likewise remain at 5% for in-quota and 15% for out-quota, while the tariff rates for rice remain at 35% for both in- and out-quotas, Inquirer. net wrote.
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