MANILA, Reuters – The Philippines announced Tuesday that it extended the expiry date of an executive order which lowers rice imports from other parts of Southeast Asia at 35% instead from 40-50%.

In an effort to curb inflation, government officials cut tariffs on corn, pork, and temporarily removed a 7% tax on coal imports. Coal is essential for power generation.

On Tuesday, the modified tariff schedule was published after President Rodrigo Duterte extended it last month. Data showed that May’s inflation rate had been at an all-time high of 2% to 4% and this is the lowest since November 2018.

According to U.S. Department of Agriculture, the Philippines is expected to become the second largest rice buyer in the world this year, after China.

With the reduction, the tariff for rice will now be at the same level as the 35% import rate from Southeast Asian neighbors.

While the Philippines still relies heavily on Vietnam to import its goods, it also purchases some products from Thailand.

Although it rarely imports from India as the top exporter in the world, Manila recently suggested diversifying its supply sources to get cheaper rice.

Manila’s decision not to increase rice tariffs comes as Thailand and Vietnam plan to hike prices. However, a Thai official raised concerns about the viability of this plan.

Effective until 2022, corn tariff rates were reduced to 5%-15%. They will then revert back to 35%-50% next years. Meanwhile, tariffs for pork products will be at lower 15%-25% up to year-end, and then revert back to 30%-40%.