Marcos formalizes rice tariff cut via EO 62

FILE PHOTO: Rice vendor Eddie Pascual, 58, wait for his usual clients at his rice stall in Marikina Public Market on Monday, June 10, 2024. The NEDA board has agreed to cut tariff on rice to 15 percent from 35 percent to help bring down the price of rice to P29 a kilo. Pascual expressed his reservation that the move will lower the price of rice per kilo. INQUIRER / GRIG C. MONTEGRANDE

MANILA, Philippines — President Ferdinand Marcos Jr. has officially ordered a tariff cut on rice and other select products through Executive Order (EO) No. 62.

Marcos signed the EO on Thursday, June 20, and Malacañang uploaded a copy of the EO to the Official Gazette the evening of the same day.

The order will effectively cut the rice levy from 35 percent to 15 percent.

READ: Marcos approves cut in rice tariff to 15%

“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,” Marcos said in EO 62.

National Economic and Development Authority (Neda) Secretary Arsenio Balisacan earlier announced Marcos’ approval of the rice tariff reduction, which updates the Most Favored Nation (MFN) tariffs – or the promised taxes imposed on members of the World Trade Organization.

READ: Rice tariff cut to ease upward pressure on prices, says Neda chief

The Palace said the MFN is currently based on EO No. 20, which sets the tariff schedule for 2017 to 2020.

Under EO 62, however, the government maintained tariffs for products such as corn, pork, mechanically deboned meats, sugar, vegetables such as onions, shallots, garlic, broccoli, carrots, cabbage, and lettuce, among others.