President Ferdinand “Bongbong” Marcos Jr. has ordered to extend the temporary modification of rates of import duty on various food products to maintain affordable prices and help augment the supply of basic agricultural commodities.
Through Executive Order No. 10, signed by the President on Dec. 29, meat of swine, fresh, chilled or frozen, maize, rice, and coal shall be subject to the most favoured nation rates of duty until Dec. 31, 2023, except for coal which shall be applied zero duty beyond Dec. 31, 2023.
“The high inflation caused by supply constraints, expected shortage in the global supply and rise in international commodity prices present economic and trade implications to the country and the Filipino people,” it further stated.
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