Philippines approves to continue lowering tax rates on several food items to fight inflation

The Philippines’ Malacañang announced that President Marcos Jr approved to continue on lowering tax rates on several food items to fight inflation until the end of 2023.

According to the office’s statement, the tariff rate for imported rice will stay at 35 per cent, while the import levies on corn and pork products will remain at 5-15 per cent and 15-25 per cent respectively.

Though the tariff for coal imports is currently at zero, its rate will be reviewed again, reported The Business Times.

Source: https://www.businesstimes.com.sg/international/philippines-extends-tariff-cuts-imported-rice-other-food-items-fight-inflation

About Kanlayakorn Pengrattana

Kanlayakorn 'Princess' Pengrattana is a freelance writer at ScandAsia.

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