Philippine President Ferdinand Marcos Jr has ordered to increase the nation’s ban on rice imports past 60 days, his workplace mentioned on Friday, nevertheless it didn’t specify how lengthy the extension would final.
Marcos had earlier ordered a 60-day suspension of rice imports beginning from September 1 in an effort to guard farmers through the native harvest and maintain rice costs in test. The order covers the import of normal milled and well-milled rice and excludes varieties not generally produced domestically.
“Underneath the President’s directive, the two-month import suspension can be prolonged,” the Presidential Communications Workplace Undersecretary Claire Castro advised a press briefing.
The Philippines, one of many world’s largest rice importers, shipped in 4.8 million metric tons of rice final yr, largely from Vietnam and Thailand.
Agriculture Secretary Francisco Tiu Laurel has mentioned he plans to suggest to the president that the moratorium ought to be prolonged by one other 15 to 30 days, and that the ministry was additionally rising tariffs on imported rice.
The annual price of improve in rice costs within the Philippines hit a 15-year excessive of 24.4% in March final yr, however has since reversed course and declined by 17% in August. It helped to tame inflation, which averaged 1.7% within the eight-month interval, beneath the federal government’s 2.0% to 4.0% goal.
The Philippines has lowered tariffs on rice and prolonged current tariff cuts on another commodities to fight inflation and guarantee provides are ample.
(Reuters)
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