00:00President Ferdinand R. Marcus Jr. issued Executive Order No. 62 to modify the import duty rates of various commodities, particularly rice.
00:09Under the EO, the rice tariff will be slashed from 35% to 15%, as well as the tariff rates for imported products such as pork, mechanically deboned meat, and corn.
00:20The new rice tariff rates will take effect on July 5, while tariff rates on other basic commodities will start 30 days after it is published.
00:30The first estimate by the Philippine Statistics Authority is that it is possible to reduce the price to Php 6 to Php 7.
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