President Ferdinand “Bongbong” Marcos Jr. has issued an executive order extending the reduced tariff rates on agricultural products until the end of 2023, following the endorsement of the National Economic and Development Authority.
President Ferdinand “Bongbong” Marcos Jr. has issued an executive order extending the reduced tariff rates on agricultural products until the end of 2023, following the endorsement of the National Economic and Development Authority .
Under Executive Order 171, the reduced tariff rates will remain in effect until December 31, 2023, as these were meant to expire on December 31, 2022 as issued by former President Rodrigo Duterte. With the extension, imports of swine will be taxed at 15% for in-quota and 25% for out-quota, corn at 5% for in-quota and 15% for out-quota, and rice at 35%.
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