Philippines To Import Corn To Rein Rice Prices

The Philippine National Food Authority has decided to import 100,000 MT of white corn at zero tariffs in order to temper the domestic demand for rice.

About 15% of the country's population of 90 million consumes white corn as the main staple. The corn imports are expected to rein in rice prices by ensuring a significant percentage of the population doesn't switch to rice consumption.
 
So far this year, the NFA has signed contracts to buy 1.7 million MT of rice out of an import quota of 2.1 million MT.