MANILA — President Ferdinand R. Marcos Jr. has implemented changes to the nomenclature and tariff rates on a range of products through Executive Order No. 62, aiming to stabilize the supply of goods and protect the purchasing power of Filipinos.

According to Philippines News Agency, the new tariff schedule introduced by EO 62 is part of a multiyear plan designed to enhance the transparency and predictability of tariffs. “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,” President Marcos stated in the order.

The modifications include a significant reduction in the tariff rate on imported rice, which has been lowered from 35 percent to 15 percent, both in-quota and out-quota. Other adjustments feature reductions in tariffs for solid sodium hydroxide, zinc peroxide, and clinical trial kits to 3 percent, and coal briquettes to 0 percent.

Furthermore, the executive order maintains the current Most Favored Nation (MFN) tariff rates, which vary between 0 percent to 65 percent, for a diverse range of agricultural and industrial products. These include natural gypsum, frozen potato fries, various vegetables like onions and garlic, as well as coffee and salt. Additionally, reduced duty rates on maize, meat of swine, and mechanically deboned meat of chicken and turkey will continue under the new schedule.

The EO also standardizes tariff lines for certain chemicals, textiles, and machinery, ensuring simpler and more consistent categorization. Notably, it maintains reduced rates of duty (0 percent to 1 percent) on products covered under EO No. 12 (s. 2023), and expands coverage to include various electric and hybrid vehicles, among other items.

On June 3, the National Economic and Development Authority Board endorsed the changes, which will be in effect through December 31, 2028. The new tariff regime is set to undergo periodic reviews to ensure it remains aligned with the economic goals and needs of the Philippines.

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