MOST WANTED. Workers unload sacks of rice from a truck in Dagupan Street, Tondo, Manila on May 30, 2024. President Ferdinand R. Marcos Jr. has issued an Executive Order reducing the tariff rate on imported rice from 35 percent to 15 percent in-quota and out-quota. (PNA photo by Yancy Lim)
MANILA – President Ferdinand R. Marcos Jr. has ordered the modification of nomenclature and tariff rates on various products to ensure continuous supply of goods and protect the purchasing power.
According to a Presidential Communications Office (PCO) news release on Friday, the President issued Executive Order (EO) No. 62, which implements a new multiyear and comprehensive tariff schedule that will provide transparent and predictable tariff structure.
“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” President Marcos said in EO 62.
The PCO noted that the executive order formally reduced the tariff rate on imported rice from 35 percent to 15 percent in-quota and out-quota.
There is also reduction of the tariff rates on solid sodium hydroxide, zinc peroxide, and clinical trial kits to 3 percent and coal briquettes to 0 percent.
The EO includes the maintenance of the current Most Favored Nation (MFN) tariff rates, ranging from 0 percent to 65 percent, on various agriculture and industrial products including natural gypsum and anhydrite; frozen potato fries; various agricultural products (onions, shallots, garlic, broccoli, carrots, cabbage, lettuce, sweet potatoes, and cassava); coffee and coffee substitutes, and salt.
Meanwhile, reduced rates of duty on maize at 5 percent in-quota rate and 15 percent out-quota rate; meat of swine at 15 percent in-quota rate and 25 percent out-quota rate; and mechanically deboned meat of chicken and turkey at 5 percent will be maintained.
It features merging of tariff lines on certain chemical and chemical products, textile, and machinery and transport equipment.
The current reduced rates of duty (0 percent to 1 percent) on products covered under EO No. 12 (s. 2023) will be maintained.
The PCO said there will be expanded coverage to include e-motorcycles, e-bicycles, hybrid and plug-in hybrid electric vehicles, battery, hybrid and plug-in hybrid e-buses and e-jeepneys, completely knocked down e-vehicles of all types, and nickel metal hydride accumulators.
On June 3, the National Economic and Development Authority Board endorsed the modification of the nomenclature and rates of import duty on various products for years 2024 to 2028.
The comprehensive tariff schedule will apply upon effectivity until Dec. 31, 2028.
The MFN tariff rates for rice will be subject to review every four months from effectivity of the EO.
The comprehensive or specific MFN tariff rates, on the other hand, will be subject to periodic review as may be necessary or directed by the President. (PNA)
