Philippine President Ferdinand Marcos Jr. has approved the economic ministry's recommendation to extend tariff reductions on rice and other food products until the end of next year to combat inflation, Reuters reported, citing the Philippine presidential office.

The amended tariffs, approved in 2021, were set to expire at the end of this year, but inflation, which has reached a 14-year high, has called for an extension of the tariff deferral until Dec. 31, 2023.

That means the tariff rate on rice imports will remain at 35%, and import charges on corn and pork will remain at 5%-15% and 15%-25%, respectively, the spokesman's office said in a statement.

The tariff on imports of coal, a key fuel for power generation, will remain at zero until the end of next year, but will be reviewed regularly.

Consumer price inflation in November was 8.0%, well above the Philippine central bank's 2%-4% target range for this year and the medium term.

Rising inflation has forced the central bank of the Philippines to raise interest rates seven times this year and plan for further tightening in 2023 to bring inflation back to the target level.