Philippines approves tariff cut for rice, extends lower tariffs on some commodities

June 4, 2024 - 11:39 AM
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{A worker carries on his head a sack of rice inside a government rice warehouse National Food Authority in Quezon city, Metro Manila in Philippines, August 9, 2018. Picture taken August 9, 2018. (Reuters/Erik De Castro/File Photo)

A Philippine inter-agency panel led by the president has approved lower tariffs on some commodities to combat inflation and ensure ample supplies, a minister said on Tuesday.

Tariffs on rice will be cut to 15% for both in-quota and out-quota rates, down from 35%, through to 2028, Economic Planning Secretary Arsenio Balisacan told a press conference. Lower tariffs on corn, pork and mechanically de-boned meat were also extended until 2028.

—Reporting by Neil Jerome Morales; Editing by Martin Petty