THE National Economic Development Authority (NEDA) has endorsed the extension of what is called as the Most Favored Nation (MFN) tariff rates for basic  commodities until December 31, 2024.

Among them include rice, corn, and meat.

NEDA Secretary Arsenio Balisacan noted that they looked at the extension of the MFN tariff rates so as to help with the prices.

''The Board endorsed the proposed executive order to extend the reduced Most Favored Nation (MFN) tariff rates on selected commodities covered by Executive Order No.10 series of 2022, including pork corn and rice until December 31, 2024,'' Balisacan said.

''Thus, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out quota, corn at 5 percent in-quota and 15 percent out-quota, and rice at 35 percent both in-quota and out-quota for the extended period,'' he added.

Originally signed on December 29, 2022, President Ferdinand R. Marcos Jr., issued Executive Order No. 10, which in turn granted until December 31, 2023 a reduced tariff rates.

These include:

• Meat of swine, fresh, chilled, or frozen at 15% (in-quota) and 25% (out-quota)
• Corn at 5% (in-quota) and 15% (out-quota)
• Rice at 35% (in-quota and out-quota)