Ferdinand Marcos Jr. has approved the extension of tariff reductions on rice and other food items until the end of 2024 to keep prices stable in the face of the threat of dry weather in the coming months Tuesday, the Philippine president's office said.

The modified rates, first approved in 2021, were extended this year due to high inflation, and Marcos said another extension until the end of next year was needed.

In a statement, Marcos said, "The current economic situation requires the continuation of reduced tariffs on rice, corn and pork ...... to maintain affordable prices to ensure food security."

Inflation slowed for the second consecutive month to 4.1 % in November, but averaged 6.2 % for the first 11 months of 2023, well above the Bangko Sentral ng Pilipinas' target of 2-4 % this year.

Marcos said the extension of the modified tariffs is aimed at ensuring affordable prices for rice, corn and meat products as the El Niño dry weather phenomenon and the continued threat of African swine fever loom early next year.

Under the new executive order extending the modified tariff rates, the tariff rate on rice will remain at 35 %, while the import tariff on corn will remain at 5 to 15 %, and the import tariff on pork products will remain at 15 to 25 %.

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