Philippines reduces tariffs for corn, extends reduced tariffs for pork and rice
To facilitate the entry of more goods at lower prices, President Duterte issued Executive Order (EO) No. 171 to modify tariff rates for pork, corn, rice, and coal. This is among the key recommendations of the Economic Development Cluster in addressing the inflationary impact of the Russia-Ukraine conflict.
EO No. 171 extends the validity of EO 134 and 135, which lowered the most favored nation tariff rates for the importation of pork and rice. The EO also reduces most favored nation tariff rates for corn to 5 percent in-quota and 15 percent out-quota, citing that corn accounts for more than 50 percent of the total production cost of large-scale broiler and swine farms.
To help maintain or lower electricity prices, EO No. 171 also temporarily eliminates the 7 percent most favored nation import tariff rate on coal as it is an important raw material in the generation of electricity.
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