{"id":12066,"date":"2023-12-15T15:00:06","date_gmt":"2023-12-15T15:00:06","guid":{"rendered":"https:\/\/ricenewstoday.com\/?p=12066"},"modified":"2023-12-15T15:00:33","modified_gmt":"2023-12-15T15:00:33","slug":"marcos-okd-extension-of-lower-pork-corn-rice-tariff-rates-neda","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/marcos-okd-extension-of-lower-pork-corn-rice-tariff-rates-neda\/","title":{"rendered":"Marcos OK&#8217;d extension of lower pork, corn, rice tariff rates \u2014 NEDA"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"533\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/12\/rice_2023-08-23_22-59-40.jpg\" alt=\"\" class=\"wp-image-12067\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/12\/rice_2023-08-23_22-59-40.jpg 800w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/12\/rice_2023-08-23_22-59-40-600x400.jpg 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/12\/rice_2023-08-23_22-59-40-300x200.jpg 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/12\/rice_2023-08-23_22-59-40-768x512.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p>Rice dealers display rice and their prices in Sampol Market, at San Jose del Monte Bulacan on May 21,2023.<\/p>\n\n\n\n<p>MANILA, Philippines&nbsp;<strong>(Updated 10:15 a.m.)<\/strong>&nbsp;\u2014 National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said&nbsp;on Thursday that President Ferdinand Marcos Jr. has approved the temporary extension of several&nbsp;agricultural products.<\/p>\n\n\n\n<p>Balisacan made this announcement during a press briefing at Malaca\u00f1ang, citing the extension as a response to ongoing global market challenges, particularly supply-related issues.<\/p>\n\n\n\n<p>\u201cThe Board endorsed the proposed executive order to extend the reduced Most Favored Nation (MFN) tariff rates on selected commodities covered by Executive Order No.10 (EO. 10) series of 2022, including pork, corn&nbsp;and rice until Dec.&nbsp;31, 2024,&#8221; Balisacan said.<\/p>\n\n\n\n<p>On Dec.&nbsp;29, 2022, Marcos authorized the extension of lowered tariff rates for rice, corn, and meat until December 31, 2023, through the signing of Executive Order No. 10.<\/p>\n\n\n\n<p>EO 10 revised the tariff rates for various agricultural products.&nbsp;Pork now stands at 15% within the minimum access volume (MAV) and 25% beyond the quota.<\/p>\n\n\n\n<p>Corn follows suit with rates set at 5% within the MAV and 15% outside it. As for rice, the tariff remains fixed at 35% regardless of being within or beyond the MAV.<\/p>\n\n\n\n<p>With the extension, Balisacan said that the tariff rates for&nbsp;the products will be reviewed on a semestral basis.<\/p>\n\n\n\n<p>\u201cThe proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures,\u201d Balisacan said.<\/p>\n\n\n\n<p>The British Chamber of Commerce in the Philippines praised President Marcos&#8217; decision to extend lower tariffs on imported pork and beef.<\/p>\n\n\n\n<p>\u201cThe British Chamber very much appreciates the news that President Marcos has approved the extension of lowered tariffs on imported pork and beef,\u201d Chris Nelson, BCCP Executive Director said in a text message interview with&nbsp;<strong>Philstar.com.<\/strong><\/p>\n\n\n\n<p>Nelson highlighted that EO&nbsp;10 has spurred meat exports from the UK to the Philippines, making the country the second-largest market for UK pork exports after China.<\/p>\n\n\n\n<p>The BCCP included the extension of EO&nbsp;10 in its &#8220;2024 wishlist&#8221; to support the country in enhancing food security and tackling inflationary impacts.<\/p>\n\n\n\n<p>\u201cThe British Chamber highly welcomes the extension and will continue to work on further developing the supply of British pork and beef to the Philippines,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rice dealers display rice and their prices in Sampol Market, at San Jose del Monte Bulacan on May 21,2023. MANILA, Philippines&nbsp;(Updated 10:15 a.m.)&nbsp;\u2014 National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said&nbsp;on Thursday that President Ferdinand Marcos Jr. has approved the temporary extension of several&nbsp;agricultural products. Balisacan made this announcement during a press briefing at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[393,324,46,159],"class_list":["post-12066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-rice-prices","tag-global-rice-prices","tag-asian-rice","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Marcos OK&#039;d extension of lower pork, corn, rice tariff rates \u2014 NEDA - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcos OK&#039;d extension of lower pork, corn, rice tariff rates \u2014 NEDA - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"Rice dealers display rice and their prices in Sampol Market, at San Jose del Monte Bulacan on May 21,2023. MANILA, Philippines&nbsp;(Updated 10:15 a.m.)&nbsp;\u2014 National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said&nbsp;on Thursday that President Ferdinand Marcos Jr. has approved the temporary extension of several&nbsp;agricultural products. 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