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Tariff cuts to bring in more rice imports
The Philippine Star
|June 14, 2024
The Philippines' rice imports this year could reach 4.6 million metric tons as a result of the Marcos administration's decision to slash tariffs on the commodity, according to the United States Department of Agriculture (USDA).
The USDA raised this year's rice import forecast for the Philippines by 500,000 metric tons from the earlier target of 4.1 million MT after the government reduced tariffs to 15 percent from 35 percent previously.
Next year, the Philippines could be importing even more rice as much as 4.7 million MT to meet the country's growing demand for the staple, according to the USDA's latest global grain report published yesterday.
If the forecast of the international agency materializes, then the Philippines will be the world's biggest buyer of rice for three straight years from 2023 to 2025.
This story is from the June 14, 2024 edition of The Philippine Star.
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