Kalayaan Hall, Malacañan Palace
June 3, 2024

President Ferdinand R. Marcos Jr. convened the members of his Economic Team for the 17th National Economic and Development Authority (NEDA) Board Meeting at the Kalayaan Hall in Malacañan Palace.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual opened the discussions on the draft Comprehensive Tariff Program 2024-2028 for the approval of the NEDA Board. The program proposed several recommendations, including maintaining the current Most Favored Nation (MFN) tariff rates that range from zero to 65% from 2024 until 2028 on various agricultural and industrial products, as covered in the Customs Modernization and Tariff Act (CMTA).

The Comprehensive Tariff Program is anchored under Section 1608 of the CMTA, which is aimed at further strengthening the ability of domestic industries to compete and enhance the welfare of consumers. It is also projected to support favorable outcomes in the international trade agreements, attract investments and achieve socioeconomic development, among other goals, while providing policy stability in the country.

The NEDA Board also discussed the progress of various infrastructure flagship projects (IFPs) under the Build Better More Program for the first quarter of the year. As reported by NEDA, there are 185 IFPs throughout the country that are currently in the stages of pre-project preparation, ongoing construction, or approved for implementation. These projects are considered crucial to further enhance the economic efficiency and drive nationwide economic progress through improved infrastructures.

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