Supply side challenges include a potential limit on rice shipments from Vietnam. Read more at straitstimes.com.
MANILA - The Philippines may extend reduced import tariffs on rice and other commodities beyond 2023 to ease pressure on inflation, which remained above target last month, officials said.
But supply side challenges, including a potential limit on rice shipments from Vietnam - the country’s biggest supplier - and the impact of El Niño dry weather on the local harvest, may warrant keeping tariffs where they are. Under a modified scheme introduced in 2021, tariffs on rice imported from outside Southeast Asia fell to 35 per cent - in line with the rate for suppliers from inside the region, including Vietnam - from a previous range of 40 per cent-50 per cent.
Annual headline inflation eased for a sixth straight month in July to 4.7 per cent, still above the official 2 per cent-4 per cent target range, while food inflation fell to 6.3 per cent.is encouraging private traders to ramp up imports, though it is worried about supply from Vietnam as other buyers crowd in.
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