00:00Executive Order No. 62 issued by President Ferdinand R. Marcos Jr.
00:05that the import duty rates of some products are too high.
00:09Executive Order No. 62 states that the inflationary pressure on consumers is too high.
00:15Under this, some products such as animal products, pharmaceutical needs, chemicals, and others
00:23are under the Most Favored Nation Rates of Duty
00:26or whatever other countries will impose on imports from members of the World Trade Organization.
00:33According to the Executive Order, there should be a comprehensive tariff schedule
00:39that can provide a tariff structure of chances to businessmen
00:45that can be included in the medium to long term planning
00:49so that productivity can be improved and it can have a positive effect on consumers.
00:55Also, there should be a comprehensive tariff schedule that can increase supply
01:01and control the price that will protect the interests of consumers.
01:08When was the Comprehensive Tariff Program approved by NEDA?
01:13Here, the duty rate of rice is promised to be 15% until 2028 from the previous 35%.
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