Philippine: Importers Fail To Fill Import Quota

Local traders in the Philippines failed to fill in an import rice quota offered Friday by the state run National Food Authority, NFA, due to prevailing high global prices of the commodity as importers offered to import only 12,114 MT out of an import quota of 164,770 MT.

At Friday's auction, 14 importers offered to pay a service fee of PHP2-PHP3/kg. In exchange for the service fee, importers won't have to pay the 50% import tariff on rice, which will be charged to the NFA's tax expenditure subsidy.
 
Importers may buy rice from any origin, for shipment no later than August this year.