Philippines Lowers MFN Tariff Rates for Rice
The Philippines recently lowered its Most Favored Nation tariff rates for rice to diversify market sources and maintain affordable rice prices, the U.S. Department of Agriculture Foreign Agricultural Service said in a report released May 19. The decision, which took…
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effect this month, lowered the 40% in-quota and 50% out-quota rice tariff rates to 35%, USDA said. The lowered rates place Philippines’ MFN duty at the same rate as the Association of Southeast Asian Nations. Despite the tariff rate drop, USDA said prospects for U.S. rice exporters remain “limited outside of niche markets” because of their “relatively higher price.”