As inflation reaches a 14-year high, President Ferdinand Marcos Jr. extended temporary tariff cuts on pork, rice, corn, and coal to increase supplies.
Marcos signed Executive Order (EO) No. 10 on December 29, 2017, which decreased the Most Favored Nation (MFN) tariff rates on the commodities listed below until December 31, 2023.
Beyond December 31, there will be no duty on coal, although this will be subject to revision every six months. The Executive Order charged the National Economic and Development Authority with observing and analyzing the coal market.
“The current global economic situation brought about by the COVID-19 pandemic, along with other factors affecting the country’s traditional sources of rice, corn, coal, and fresh, chilled, or frozen pork meat, cause uncertainty in the steady supply of said commodities,” Marcos’ executive order stated.
Earlier, Marcos’ predecessor, former president Rodrigo Duterte, adjusted the MFN rates in response to rising food costs caused by the epidemic and Russia’s invasion of Ukraine.
Inflation soared to a 14-year high of 8% in November 2022. Inflation is anticipated to continue high in 2023 by government economists and international lending institutions.
One Piece offers a new take of the legendary Fish-Man Island arc, so fans are in for a nostalgic trip…
Particularly in areas related to the forthcoming Johor-Singapore Special Economic Zone (JS-SEZ), Johor is poised to become the first state…
China and Japan are getting ready for what would be a historic meeting between Chinese President Xi Jinping and freshly…
Celebrating their fifth straight East Asia Baseball Cup title, the Philippines men's baseball team savored a historic triumph. Sunday in…
Officially known as an "auto flow road," the government of Japan has presented plans for a revolutionary "conveyor belt road,"…
Celebrating 40 years of diplomatic ties, China and the United Arab Emirates (UAE) are poised to fortify an alliance that…
This website uses cookies.
Read More