Farmers remove weeds growing alongside with ride stalks at a rice field in Naujan, Oriental Mindoro in Philippines, Aug. 27, 2018. Photo by Reuters

Philippine President Ferdinand Marcos Jr. has approved the extension of reduced tariffs on rice and other food items until the end-2024 to keep prices stable amid a threat of dry weather in the coming months, his office said on Tuesday.

The modified rates first approved in 2021 had already been extended this year due to high inflation, and Marcos said another extension was needed until the end of next year.

“The present economic condition warrants the continued application of the reduced tariff rates on rice, corn and (pork) … to maintain affordable prices for the purpose of ensuring food security,” Marcos was quoted as saying in the statement.

Inflation was at 4.1% in November, easing for a second straight month, but has averaged 6.2% in the first 11 months of 2023, well outside the Philippine central bank’s 2%-4% target for the year.

Published Date: December 26, 2023