The National Economic and Development Authority said on Thursday that extending the Most Favored Nation tariff rates for key agricultural goods will help keep food costs stable.

In a statement, NEDA Secretary Arsenio Balisacan said the government extended the tariffs on essential agricultural goods to protect the country's food supply and ensure the commodities are affordable.

Balisacan said that lowering tariffs helped bring down the price of corn and give people more rice sources.

More meat imports also helped bring down the price of meat.

Balisacan talked about how important it is to start programs that will help farms make more food and be more productive.

Long-term investments in irrigation, flood control, supply chain logistics, and adapting to climate change are some of these important changes.

"Short-term and long-term interventions need to work together to protect the purchasing power of Filipino households and boost the productivity and income of local producers," Balisacan said.

"Doing so will ensure equitable and sustainable development for the country," he added.

Last 22 December, President Ferdinand Marcos Jr. signed Executive Order 50, lowering the MFN tariff rates on rice, corn and meat until 31 December 2024.

The EO says that the tariff rates for pork will stay at 15 percent in-quota and 25 percent out-quota for a longer time. The rates for corn will stay at 5 percent in-quota and 15 percent out-quota, and the rates for rice will remain at 35 percent for both in-quota and out-quota.