The Philippines is the ninth largest market for U.S. agricultural exports and the largest destination for U.S. consumer-oriented products in Southeast Asia. The United States is the largest single-country supplier of agricultural products, although ASEAN countries benefit from lower tariffs and have more market share as a group.
The Philippine Bureau of Internal Revenue (BIR) on November 10, 2021 issued Revenue Memorandum Circular No. 112-2021, clarifying that all imported unprocessed fruits and vegetables are exempt from the 12 percent value-added tax.
Post expects the Philippine food service sector to shrink by a further 13 percent to $7.4 billion in 2021, following its 44 percent decline in 2020. With the spread of the Delta variant of COVID-19, people are hesitant to return to restaurants.
The Philippine Department of Energy recently revised its biofuel accreditation guidelines through the issuance of Department Circular No. 2021-06-0014 in order to better ensure compliance with the country’s Biofuels Act.
On June 18, 2021, the Department of Health issued Administrative Order No. 2021-0039 (AO 2021-0039) “National Policy on the Elimination of Industrially Produced Trans-Fatty Acids for the Prevention and Control of Non-Communicable Diseases.”
As companies introduce higher-quality products and make improvements in e-commerce and delivery services, U.S. suppliers can grab a share of a growing market by introducing shelf-stable and frozen ready meals.