The Tariff Commission is crafting a new set of most favored nation rates that should align with the policy directions and development priorities of the Marcos administration.
It recently wrapped up a series of consultations with stakeholders and interested public and is now undergoing a review process that involves data verification of information submitted in support of parties’ positions and ocular inspection of plant facilities and production processes of businessmen and exporters.
The TC will then submit a committee report containing findings and recommendations to the Department of Trade and Industry and National Economic and Development Authority which serve as chair and co-chair, respectively, of the NEDA Board Committee on Tariff and Related Matters.
The commission’s report will undergo deliberations by the CTRM, whose membership is composed of relevant government agencies for subsequent presentation to the NEDA Board. The body is looking to submit its final report to the CTRM by November 2023.
It said there is no definite schedule when the MFN tariff for 2024 to 2028 will take effect, “however, we are prepared to implement the revised MFN once an Executive Order is issued by the President.”
Several associations and companies submitted their position papers to the commission prior to the deadline on April 14, 2023.
The TC said the review aimed to determine the appropriate adjustments to the Philippine MFN tariff schedule to promote trade policy stability, certainty and transparency in the trading environment.
The revised MFN rates will provide business with medium- to long-term policy information and simplify the tariff nomenclature for trade facilitation.
