Philippine rice imports could reach 4.6 million tons in 2024: US agriculture dept.
Philippine rice imports for 2024 could reach 4.6 million metric tons due to the 15 percent tariff cuts approved by the government, a United States Department of Agriculture report said.
In its Grain: World Markets and Trade report for June, the USDA Foreign Agricultural Service projects the Philippines to import 4.6 million metric tons from the previous forecast of 4.1 million metric tons.
The USDA noted that the increase in the forecast is due to the "reduction of import tariffs to 15 percent until 2028."
Data also shows the projected trade changes on the imports of rice for 2025 to 4.7 million metric tons from 4.2 million metric tons due to "rising consumption with reduced tariffs."
The 15 percent from 35 percent tariff reduction for rice that is part of the Comprehensive Target Program (CTP) for 2024-2028, was approved by the National Economic and Development Board (NEDA) Board led by President Ferdinand Marcos Jr., during its 17th board meeting last week.
It is part of the government's effort to help stabilize the price for rice in the country in the next four years.
National Economic Development Authority (NEDA) Secretary Arsenio Balisacan said Marcos is set to issue an executive order for the implementation of the new tariff program. Robina Asido/DMS
