President Ferdinand Marcos Jr. has approved reducing tariffs on rice and other food commodities until the end of 2024 to maintain price stability in the face of the possibility of dry weather in the upcoming months, Malacañang said on Tuesday.

The adjusted rates that were first approved in 2021 were already prolonged this year because of the high rate of inflation, and according to Marcos, another extension until the end of the next year is required.

In signing Executive Order No. 50, Marcos stated that the Philippines' current economic situation justifies extending the application of lower tariff rates on rice, corn, and swine meat to maintain competitive prices in the market.

"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 a statement.

Given the impending consequences of the El Nino dry weather phenomena early in the upcoming year and the ongoing threat of African Swine Fever, Marcos stated that the continuation of the modified tariffs is intended to ensure affordable pricing of rice, corn, and meat products.

The new executive order prolonging the adjusted tariff rates states that import taxes on corn would remain at 5 percent to 15 percent and on meat products at 15 percent to 25 percent, while the tariff rate on rice would remain at 35 percent.

The six-page EO was signed by Executive Secretary Lucas Bersamin on December 22, the Presidential Communication Office reports.

For context, the National Economic Development Authority (NEDA) had approved the continuation of the lower Most Favored Nation (MFN) tariff rates for staple goods like rice, corn, and meat until 31 December 2024,

The President may raise, lower, or eliminate current import duty rates in the interest of national security and the general welfare in accordance with Section 1608 of Republic Act No. 10863, also known as the Customs Modernization and Tariff Act, and on the recommendation of the NEDA.

The NEDA Committee on Tariff and Related Matters was given a mandate by Marcos to present its conclusions and suggestions for the annual and semi-annual tariff rate review, which included an examination and tracking of the relevant commodities.