MANILA: Philippines President Rodrigo Duterte reduced the tariff for imported rice on Saturday to ensure food security and protect consumers in the world's biggest importer of the grain.
The Southeast Asian nation, which is battling elevated inflation, took into consideration the increase in global rice prices and uncertainties in local rice supply, the president's office said in a statement.
In January, the agriculture ministry projected the country to import at least 1.7 million tonnes of its staple food this year to fully cover domestic requirements. It buys more than 90per cent of import requirements from Vietnam. The Philippines' paddy rice output rose 2.6per cent to a record 19.3 million tonnes last year, government data showed. The agriculture ministry targets unmilled rice output at 20.5 million tonnes this year.
More than 20 tropical storms hit the Philippines annually, with the strongest typhoons destroying crops like rice and corn in the second half, the peak harvest season.Duterte also tweaked MFN tariff rates for pork products to 10per cent for in-quota purchases and 20per cent for out-quota volumes for the first three months, and 15per cent for in-quota and 25per cent for out-quota from the 4th to the 12th month.
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