Philippines extends tariff cuts on imported rice, other food items to fight inflation

MANILA, Dec 26 (Reuters): Philippine President Ferdinand Marcos Jr. has approved the extension of reduced tariffs on rice and other food items until the end-2024 to keep prices stable amid a threat of dry weather in the coming months, his office said on Tuesday.
The modified rates first approved in 2021 had already been extended this year due to high inflation, and Marcos said another extension was needed until the end of next year.
"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.
Inflation was at 4.1 per cent in November, easing for a second straight month, but has averaged 6.2 per cent in the first 11 months of 2023, well outside the Philippine central bank's 2 per cent-4 per cent target for the year.