NEDA board extends tariff reduction on key commodities

NEDA board extends tariff reduction on key commodities

Dec 17, 2022, 6:44 AM
Rose De La Cruz

Rose De La Cruz


The Marcos administration approved on Friday the Philippine Development Plan 2023-2028 attended by members of the Cabinet in Malacanang. The plan extends tariff reductions on key food items to ensure food adequacy in the country.

The National Economic and Development Authority (NEDA) Board, chaired by President Marcos Jr., approved yesterday the Philippine Development Plan (PDP) 2023-2028, which among others extends tariff reduction on key food commodities to ensure food adequacy and security in the local market.

Touted as the country’s blueprint for socioeconomic development over the medium term, the PDP 2023-2028 was completed in record time, "in just six months of Marcos' term," proudly said the press release of NEDA.

"The PDP is our plan for economic and social transformation. In the next six years, our overall goal is to reinvigorate job creation and accelerate poverty reduction by steering the economy back to its high-growth path. More importantly, the Plan seeks to effect economic transformation toward a prosperous, inclusive, and resilient society,” said NEDA Secretary Arsenio M. Balisacan during the 2nd NEDA Board meeting attended by Cabinet member in Malacanang.

Balisacan said the plan is framed by the president's 8-Point Socioeconomic Agenda, which seeks to address short-term issues confronting the country and medium-term constraints to rapid growth and inclusion. The Plan is also geared toward the realization of the AmBisyon Natin 2040, the Filipino people’s collective vision for the long term.

Guided by a systematic whole-of-government and whole-of-society approach, the PDP was formulated through several months of consultative and collaborative engagements with government agencies, local government units, development partners, sectoral experts, private sector and stakeholder groups, and the general public.

Following the NEDA Board’s approval of the Plan, a draft Executive Order has been submitted to the Office of the President, mandating all government agencies to align their respective programs, projects, and activities with the PDP 2023-2028.

“Given the uncertainties and headwinds that we face, the Plan is our roadmap that will show us the way forward, guiding our efforts and initiatives as we sustain our robust economic recovery and aspire for no less than the economic and social transformation of our country towards a matatag, maginhawa, at panatag na buhay for all Filipinos,” Balisacan said.

Meanwhile, the NEDA Board also endorsed the draft Executive Order extending the temporary tariff modification on various products such as meat of swine, corn, and rice until December 31, 2023. On the other hand, the extension of the tariff reduction on coal will go beyond this date and will undergo a review every semester.

The proposed extension of reduced tariffs on these commodities aims to augment domestic supplies and temper inflationary pressures arising from supply constraints and external geopolitical conflicts.

“Food security and protecting people’s purchasing power remain as the government’s top priorities and are vital components of the PDP 2023-2028. Through the temporary reduction of tariff rates on selected key commodities and our continuous efforts to address constraints in our value chains, we will ensure that Filipino families will have sufficient access to food, especially this holiday season and in the coming months,” Balisacan said.

Tags: #NEDABoard, #PDP2023-2028, #extendingtariffreductions

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