The National Economic Development Authority (NEDA) board, which is chaired by President Marcos, has approved the temporary extension of reduced Most Favored Nation (MFN) tariff rates on certain commodities under Executive Order No. 10 until the end of next year.
“The Board endorsed the proposed Executive Order to extend the reduced Most Favored Nation or MFN tariff rates on selected commodities covered under Executive Order No. 10, series of 2022, including pork, corn, and rice, until Dec. 31, 2024,” NEDA Secretary Arsenio Balisacan said.
“Thus, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out-quota, corn at 5 percent in-quota and 15 percent out-quota, and rice at 35 percent both in-quota and out-quota for the extended period,” he added.
In addition, Balisacan said the NEDA Board also approved the recommendation of the Committee on Tariff and Related Matters to modify the review period for the tariff rate on coal from semestral to an annual basis.
The tariff rates on pork, corn, and rice will be reviewed every semester, he added.
“The proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures,” Balisacan said.
“We will also be able to encourage alternative supply to diversify the country’s market sources and establish a forward-looking trade policy that will allow effective and timely response for possible supply and price shocks brought about by major challenges such as the worsening African Swine Fever or ASF, anticipated impact of the El Niño phenomenon and continuous increases in commodity prices in the world market,” he added.
Meanwhile, the NEDA Board confirmed the project of the Department of Public Works and Highways for a 23-kilometer, four-lane alternative road to bypass the existing Dalton Pass in Central Luzon, particularly during road closure due to calamities.
With a cost of P67.4 billion and an expected completion by 2031, the project will “facilitate the seamless transport of people and the delivery of essential goods and services within the region.”
The NEDA Board also confirmed the second phase of the Master Plan on High Standard Highway or HSH Network Development of the DPWH.
This aims to provide a higher quality HSH network for faster, safer, more comfortable, more reliable, and environmentally friendly road transport, supporting the goals of rapid, inclusive, and sustained economic growth in the country.
These projects will support connectivity for economic growth and development, efficiency in reducing traffic congestion, environmental sustainability, and social acceptability, it added.
