President Ferdinand Romualdez Marcos Jr. signs into law the General Appropriations Act (GAA) of 2024 or the national budget at the Ceremonial hall of the Malacañan Palace on Dec. 20, 2023. KJ Rosales, PPA pool

MANILA — President Ferdinand Marcos Jr. has approved the extension of tariff cuts on imported rice, corn, and pork products until the end of 2024, the Presidential Communications Office (PCO) said Tuesday.

Economic managers have endorsed maintaining tariff rates for rice at 35 percent, pork at 15-25 percent, and corn at 5-15 percent.

The move was aimed at keeping goods at affordable prices in the face of the looming effects of El Niño and the African swine fever, Marcos said, according to a release.

He added that the extension would help tackle elevated inflation, augment the supply of basic agricultural products, and diversify the country’s market sources.

The reduced tariff cuts extension was originally set to expire on Dec. 31, 2023. Executive Order No. 50 signed by Executive Secretary Lucas Bersamin stretched the lower tariffs until December 2024.

In November, inflation eased to 4.1 percent following slower increases in food prices and lower transport costs as fuel prices fell.

A September survey by Pulse Asia showed that inflation was the most urgent concern of Filipinos.

Published Date: December 26, 2023