MANILA — The National Economic and Development Authority (NEDA) Board has maintained the reduced tariff rates on corn, pork and mechanically-deboned meat to ensure a stable supply of these basic commodities.
This, as the NEDA Board, chaired by President Ferdinand R. Marcos Jr., approved on June 3 the new Comprehensive Tariff Program for 2024 to 2028.
The move will also help manage inflation, promote policy stability and investment planning and enhance food security, NEDA said.
The NEDA Board convened its 17th meeting on Monday and approved the Comprehensive Tariff Program, aiming to calibrate the current rates of basic commodities until 2028.
The NEDA Board has also retained the tariff cover for various other agricultural products including sugar, vegetables such as onion shallots, garlic, broccoli, carrots, cabbage, lettuce, sweet potatoes, cassava, coffee substitutes, complete feeds and feed preparations, Balisacan said.
“The comprehensive tariff review is conducted every five years,” NEDA Secretary Arsenio Balisacan said during a press briefing in Malacañang on Tuesday.
The new multi-year tariff schedule aims to help the economy achieve and balance several critical policy objectives, he added.
Balisacan said President Marcos will issue an executive order to implement the new tariff program.
Along with a liberalized policy regime for crucial food quantities to help mitigate the impact of commodity shocks and local prices, Balisacan said they recognized the necessity of effectively implementing long term and permanent solutions to modernize and improve the productivity of the agriculture sector.
This thrust is crucial to a comprehensive and sustainable response to supply constraints and food inflation, he added. (PND)
