Philippines: Grain and Feed Update

  |   Attaché Report (GAIN)   |   RP2022-0033

Executive Order #171, Series of 2022, modifies market access for MFN tariffs on corn and rice through December 31, 2021, necessitating changes to Post’s corn and wheat balance sheets but not rice. The new rice tariff effectively only provides a safeguard to ensure the Philippines will have access to alternative foreign supplies should ASEAN members limit exports. The new corn tariff is expected to shift some but not all imports of duty-free wheat and barley for as long as it remains in effect and current price relationships hold. Meanwhile, Post also lowers forecast corn production to reflect reports of both reduced area and yields.

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