The National Economic and Development Authority (NEDA) Board, chaired by President Marcos, has approved a new Comprehensive Tariff Program for 2024 to 2028.
According to Socioeconomic Planning Secretary Arsenio Balisacan, the move aims to manage inflation, promote policy stability, enhance food security, and support economic growth.
“The tariff maintenance will ensure access to inputs and support efforts to improve productivity and competitiveness. This measure will help our domestic industries by reducing the cost they incur for their inputs, enabling them to be more competitive, especially in the global market,” Balisacan said in a Palace briefing on Tuesday.
The program also aims to maintain reduced tariff rates on corn, pork, and mechanically deboned meat, ensuring a stable supply of these essential commodities.
Moreover, tariffs on specific chemicals and coal briquettes will be reduced to improve energy security.
Tariffs on rice will be reduced to lower prices, while tariffs on other agricultural products like sugar and vegetables will be retained.
The comprehensive tariff review is conducted every five years. President Marcos will issue an executive order to implement the new tariff program, which supports the modernization and productivity improvement of the agriculture sector.
This comprehensive approach aims to address supply constraints, food inflation, and energy security while balancing critical policy objectives and simplifying customs administration.
