The supply constraints expected global food supply shortage and rise in the price of commodity prices prompted President Ferdinand R. Marcos, Jr. to extend once again the temporary tariff reduction for pork, corn, rice, and coal.
THE supply constraints, expected global food supply shortage and rise in price of commodity prices prompted President Ferdinand R. Marcos, Jr. to extend once again the temporary tariff reduction for pork, corn, rice and coal.
“There is a need to extend the effectivity of the reduced tariff rates on rice, maize , coal, and meat of swine to maintain affordable prices for the purposes of ensuring food security, help augment the supply of basic agricultural commodities in the country, reduce the cost of electricity, and diversify the country’s market sources,” he added.
The said rates took effect last Tuesday and will apply for the said commodities, which are entered into or withdrawn from warehouses,
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