The Marcos administration has officially reduced tariffs on imported rice and other commodities from 35 percent to 15 percent, Malacañang announced.

President Ferdinand Marcos Jr. issued Executive Order 62, which Executive Secretary Lucas Bersamin signed and made public late Thursday evening.

“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressures on various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” Marcos said in EO 62.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan made the plan public earlier this month, saying that it “aims to lower the price of rice further and make it more affordable.”

“Reducing rice tariffs is expected to bring down rice prices for consumers while supporting domestic production through tariff cover and increased budgetary support to improve agricultural productivity, especially as global rice prices remain elevated,” Balisacan said in a statement on 10 June.

Malacañang pointed out that EO No. 20, which establishes the tariff schedule for 2017 through 2020, is the present basis for the Most Favored Nation (MFN) tariffs — or the promised taxes imposed on members of the World Trade Organization.

However, under EO 62, the government continued to impose taxes on a number of goods, including corn, pork, meat that had been mechanically deboned, sugar, and vegetables like broccoli, carrots, cabbage, onions and garlic.

Farmer groups have opposed the plan, claiming that, historically, lower tariffs have increased imports of rice and raised rice prices, hurting local growers and denying the government cash.

In order to finance farmers’ equipment, provide them with credit support, and aid in the creation of rice seeds, among other things, the fund is released to rice-producing regions. Agriculture Secretary Francisco Tiu Laurel has said that his agency is prepared to replace any potential gaps in the fund.