President Ferdinand R. Marcos, Jr. has approved the extension of Executive Order (EO) 171 on reduced import duty rates through EO 10, which was issued on December 29, 2022.

EO 171 reduced the Most Favored Nation (MFN) tariff rates for key commodities such as meat of swine (fresh, chilled or frozen), maize (corn), rice, and coal until December 31, 2022. 

The enactment of EO 10 extends the reduced MFN tariff rates of meat of swine (fresh, chilled, or frozen), maize (corn), and rice until December 31, 2023, and coal beyond 2023, provided that there will be a semestral review of the reduced tariff rates after the aforementioned period.

“The Department of Finance welcomes the extension of EO 171 to help us control inflation and ensure food security in the country,” said Finance Secretary Benjamin Diokno.

The decision to extend the validity of the reduced MFN tariff rates aims to protect consumers by keeping prices affordable to ensure food security, augmenting the local supply of basic agricultural commodities, reducing the cost of electricity, and diversifying the country’s market sources.

EO 10 was endorsed by the National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr. It is one of the measures being undertaken by the government to help curb high inflation and protect the purchasing power of consumers. 

The primary strategies of the government are to help improve production and productivity of the agriculture sector and ensure an adequate power supply, in addition to the monetary measures of the Bangko Sentral ng Pilipinas. In the medium term, the government will pursue modernization and innovation programs, the development of new farming and fishing technologies, and the enhancement of the agricultural value chain system. 

Socioeconomic Planning Secretary Arsenio Balisacan said that food security and protecting the people’s purchasing power are vital components of the Philippine Development Plan (PDP) 2023-2028.

The PDP, which was released by NEDA on December 31, 2022, is framed by the Marcos administration’s 8-Point Socioeconomic Agenda and is geared towards economic and social transformation to reinvigorate job creation and accelerate poverty reduction through inclusive economic growth.

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