President Ferdinand Marcos Jr. extends the tariff cuts on some food items and coal as the global economy braces for supply shortages and inflation in 2023.
MANILA, Philippines– President Ferdinand Marcos Jr. extended the temporary tariff cuts on pork, rice, corn, and coal to augment supply as inflation soars to a 14-year high.
Marcos signed last December 29 Executive Order No. 10, which reduced the Most Favored Nation tariff rates of the following items until December 31, 2023:Rice- 35% in-quota and out-quota Coal was set at zero duty beyond December 31 but will be subject to a semestral review. The EO mandated the National Economic and Development Authority to monitor and analyze the coal market.
Rising food prices pushed inflation up to a 14-year high of 8% in November 2022. Inflation in 2022 and 2023 expected to stay above target range of 2-4%.
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