Atin Ito First Filipino Community Newspaper in Ontario
President Ferdinand Marcos Jr. has approved Executive Order (EO) No. 62, reforming tariff rates and nomenclature to ensure a steady supply of goods and protect Filipinos’ purchasing power.
The new multi-year tariff schedule, effective until December 31, 2028, aims to enhance productivity, trade, and consumer welfare.
“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” Mr. Marcos said in the EO signed by Executive Secretary Lucas Bersamin.
It maintains the current Most Favored Nation (MFN) tariff rates of 0 to 65 percent on various products, including agricultural and industrial goods, while reducing tariffs on maize, swine meat, mechanically deboned chicken and turkey, rice, and other key commodities.
The order also merges tariff lines for certain chemicals, textiles, and machinery, expanding reduced duty rates (0 to 1 percent) to include various electric vehicles and components.
Reviews of MFN rates will be conducted periodically, with rice tariffs reviewed every four months.
Endorsed by the National Economic and Development Authority (NEDA) Board, the changes are designed to manage prices, temper inflation, and support long-term business planning. — Charles Dantes
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