MANILA, Philippines, Sep 02, 2016: Philippines lifts curbs on rice imports. The Philippines is lastly lifting the import curbs on rice after a collection of extension on the imposition of quantitative restriction on the nation’s most essential staple crop over the previous few years, an official of the National Economic and Development Authority (NEDA) mentioned.

NEDA director Reynaldo Cancio advised individuals of a convention name organized by the Investor Relations Office late Thursday the Duterte administration has determined to import extra rice by eradicating the QR on the product.

Philippines lifts curbs on rice imports.

“Final week, the Cabinet determined to finish the quantitative restriction on rice,” Cancio stated.

The QR has allowed the federal government to restrict the quantity of rice that could possibly be imported by the Philippines yearly. It protects native farmer by stopping the inflow of low-cost rice imports as Philippines lifts curbs on rice imports.

In 2014, the Philippines beneath former President Benigno Aquino obtained a good response from the World Trade Organization on its bid to increase the usage of QR to 2017.

The Philippines has appealed for an extension of the QR on rice thrice.

The prolonged QR slaps a 35-percent responsibility on imported rice below a minimal entry quantity (MAV) of 805,200 metric tons (MT). The federal government imposes the next tariff of 50 p.c on imported rice outdoors of the MAV restrict when Philippines lifts curbs on rice imports.

Of the whole quantity, some 755,000 MT can be country-specific- quota with Vietnam and Thailand getting the majority. The remaining 50,000 MT is omnibus quantity that might be sourced anyplace as Philippines lifts curbs on rice imports.

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Photo Courtesy: www.philstar.com