Philippines Cuts Rice Tariff, Revises Pork Duty to Ensure Supply
(Bloomberg) -- Philippines President Rodrigo Duterte approved temporary adjustments on rice and pork tariffs to ensure sufficient supply and keep prices from climbing.
The “most-favored nation” tariff rates for rice were cut to 35% for one year, according to a statement issued by the presidential office on Saturday. Duties on pork products were adjusted to 10% for in-quota imports and 20% for out-quota imports for the first three months, and to 15% in-quota and 25% out-quota for the following nine months.
An executive order issued earlier this year sharply cut pork tariffs on a graduated basis, but was amended to allow the recovery of the local hog industry.
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