{"id":6398,"date":"2023-08-07T07:48:55","date_gmt":"2023-08-07T07:48:55","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=6398"},"modified":"2023-08-07T07:49:40","modified_gmt":"2023-08-07T07:49:40","slug":"philippines-may-extend-reduced-import-tariffs-on-rice-commodities","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/philippines-may-extend-reduced-import-tariffs-on-rice-commodities\/","title":{"rendered":"Philippines may extend reduced import tariffs on rice, commodities"},"content":{"rendered":"\n<p>Supply constraints and El Nino impact seen warranting current levy rates<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45-1024x576.png\" alt=\"\" class=\"wp-image-6399\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45-1024x576.png 1024w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45-600x338.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45-300x169.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45-768x432.png 768w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/08\/image-45.png 1400w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>A rice stall at a public market in Quezon City in January 2021.\u00a0The Philippines, one of the world&#8217;s top rice buyers, is encouraging private traders to ramp up imports. \u00a0 \u00a9 Reuters<\/p>\n\n\n\n<p>MANILA&nbsp;(Reuters) &#8212; The Philippines may extend reduced import tariffs on rice and other commodities beyond 2023 to ease pressure on inflation, which remained above target last month, officials said.<\/p>\n\n\n\n<p>The lowered tariffs, also applying to corn and pork imports, are due to expire by the end of the year.<\/p>\n\n\n\n<p>But supply side challenges, including a potential limit on rice shipments from Vietnam &#8212; the country&#8217;s biggest supplier &#8212; and the impact of El Nino dry weather on the local harvest, may warrant keeping tariffs where they are.<\/p>\n\n\n\n<p>&#8220;We&#8217;re reviewing the possible extension,&#8221; Finance Secretary Benjamin Diokno told reporters on Friday in comments embargoed for publication until Sunday night.<\/p>\n\n\n\n<p>Under a modified scheme introduced in 2021, tariffs on rice imported from outside Southeast Asia fell to 35% &#8212; in line with the rate for suppliers from inside the region, including Vietnam &#8212; from a previous range of 40%-50%.<\/p>\n\n\n\n<p>The &#8220;comprehensive&#8221; review of tariffs also covers other commodities that could potentially fuel inflation, said Zeno Abenoja, undersecretary and chief economic counselor at the Department of Finance.<\/p>\n\n\n\n<p>Annual headline inflation eased for a sixth straight month in July to 4.7%, still above the official 2%-4% target range, while food inflation fell to 6.3%.<\/p>\n\n\n\n<p>The Philippines, one of the world&#8217;s top rice buyers, is encouraging private traders to ramp up imports, though it is worried about supply from Vietnam as other buyers crowd in.<\/p>\n\n\n\n<p>Diokno said the government will expedite measures to mitigate the impact of El Nino on agricultural production and food security.<\/p>\n\n\n\n<p>Such measures could help lessen pressure on the central bank to resume hiking interest rates, said Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, who joined Diokno&#8217;s briefing.<\/p>\n\n\n\n<p>The BSP, which next meets on Aug. 17 to review monetary policy, on Friday said it was ready to resume tightening as necessary to tackle price pressures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supply constraints and El Nino impact seen warranting current levy rates A rice stall at a public market in Quezon City in January 2021.\u00a0The Philippines, one of the world&#8217;s top rice buyers, is encouraging private traders to ramp up imports. \u00a0 \u00a9 Reuters MANILA&nbsp;(Reuters) &#8212; The Philippines may extend reduced import tariffs on rice and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[159],"class_list":["post-6398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-global-rice-news"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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