Browse Data and Analysis

The Philippines maintains a Tariff Rate Quota (TRQ) for corn (H.S. 1005). Following the reduction of tariffs in 2022 and their extension in 2023, significant interest in how to access the in-quota tariff ensued, and in turn, so followed widespread concern among local stakeholders for the process being anti-competitive, outdated, and potentially inconsistent with the Philippines' commitments with trading partners.

Rice export prices increased 2-3 percent due to the strengthening of the Thai baht which offset the downward pressure on domestic rice prices.

Post forecasts MY2022/23 cotton imports to increase 4 percent but remain well below the 5-year average annual import demand from MY2017/18 – MY2021/22 in anticipation of slow economic recovery in 2023.

Post forecasts that MY2023/24 rice production will reach a five-year record of 20.4 million metric tons due to abundant water supplies and attractive farm-gate prices.

Rice export prices decreased 1 percent as new supplies of MY2022/23 off-season rice continued entering the market.

This monthly report includes information on U.S. and global imports of dairy products, including maximum quantities that can be imported under tariff-rate quota licensing.

Rice export prices increased 1 percent.

Rice export prices declined 1-2 percent due to the weakening of the Thai baht.

Philippine imports of pulses and other leguminous vegetables in various formats (dry, frozen, flour, and prepared foods) grew 48 percent in the past five years to $88 million in 2022.

On February 22, 2023, the Philippine Tariff Commission announced that it will commence a Comprehensive Review of the Most Favored Nation (MFN) Tariff Schedule, covering all products/tariff lines falling under Chapters 1 to 97 of Section 1611 of the CMTA, to set the MFN Tariff Schedule for 2024 to 2028.

Thailand has witnessed tremendous e-commence growth over the past three years. Online grocery services have become one of the fastest-growing e-commerce categories in the country.

Rice export prices declined 2-5 percent due mainly to the weakening of the Thai baht.