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Fancy rice exports

The Philippines will export 300,000 metric tons of fancy rice by 2016 to prevent a possible glut in the local market as a result of import liberalization, an official of the Agriculture Department said Monday. Agriculture Assistant Secretary Dante Delima said the Philippines aimed to prevent a possible drop in local prices due to the projected influx of cheaper imported rice. The Philippines under its commitment to the World Trade Organization will allow 350,000 metric tons of rice under minimum access volume with a 50-percent tariff rate. “If you recall, we have MAV of 350,000 metric tons this year. If we have a rice surplus, this will probably cause a glut in the market resulting to lower prices of rice,” Delima said.
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