Philippines: Philippines Issued EO 62 Modifying Import Duty Rates
On June 20, 2024, President Ferdinand Marcos Jr. issued Executive Order No. 62 (EO 62) modifying the import duty rates of various commodities. EO 62 provides a multi-year comprehensive tariff schedule and applies to commodities subject to the Most Favored Nation (MFN) rates. Tariff rates on agricultural/food commodities remain the same except for rice, which declined to 15 percent from 35 percent.
