President Ferdinand “Bongbong” Marcos Jr. has approved the proposal of the National Economic and Development Authority (NEDA) to extend the temporary modification of import duty rates on various products to address supply issues and temper inflation.
President Ferdinand “Bongbong” Marcos Jr. has approved the proposal of the National Economic and Development Authority to extend the temporary modification of import duty rates on various products to address supply issues and temper inflation.
According to the NEDA, EO No. 171, which temporarily reduces the Most Favored Nation tariff rates on meat of swine , 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.
In a statement on Saturday, Socioeconomic Planning Secretary Arsenio Balisacan said the extension will “provide relief to poor and vulnerable segments of the Filipino population whose welfare is reduced because of high inflation.” Republic Act 10863, otherwise known as the “Customs Modernization and Tariff Act,” empowers the President, in the interest of general welfare and national security, and upon the recommendation of NEDA, to increase, reduce or remove existing rates of import duty.
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