In an effort to address supply chain issues and rising inflation, Philippine President Ferdinand Marcos Jr. has approved an executive order extending lower tariff rates on pork and other commodity products. EO No. 171 temporarily reduces the Most Favored Nation tariff rates on pork (fresh, chilled or frozen), corn, rice and coal until Dec. 31, 2023 and aims to stabilize the impact of inflationary pressures as a result of the Ukraine-Russia crisis, expand supply sources and reduce the prices of key commodities.

In a statement on Saturday, Socioeconomic Planning Secretary Arsenio Balisacan said the extension will "provide relief to poor and vulnerable segments of the Filipino population whose welfare is reduced because of high inflation. Through this policy, we shall augment our domestic food supplies, diversify our sources of food staples, and temper inflationary pressures arising from supply constraints and rising international prices of production inputs due to external conflict."

EO No. 171 extends the reduced rates of duty on the following commodities:

"The National Pork Producers Council applauds Philippine President Ferdinand Marcos Jr's announcement on the extension of lower tariff rates on pork and other food items. Gaining better market access to the Philippines has been a top trade priority for U.S. pork producers," said Terry Wolters, NPPC president and owner of Stoney Creek Farms in Pipestone, Minnesota. "We hope that the U.S. and the Philippines will continue to work toward establishing better market access through the Indo-Pacific Economic Framework. This comes at the heels of NPPC working with the U.S. and Philippine governments to work on the prevention and preparedness against the spread of African swine fever throughout the country and region. This extension is an essential component of the commitment of NPPC and the United States to Food Security for the Philippines."