News update:Feb 21, 2007

Corn to be imported duty free in Philippines

The Philippines has largely been buying wheat as a substitute for corn for animal feed in recent years as local harvests of corn are not enough to satisfy domestic demand.

Poultry and livestock farmers conferred with agriculture officials on their plans to import up to 400,000 mt of yellow corn, with half of the volume arriving around June or July.
Officials of the Department of Agriculture , corn farmers, feed millers, poultry and livestock firms reached a consensus to endorse the duty-free import of an initial 200,000 tons for June/July arrival.
Under the plan, state trading firm National Food Authority would buy the corn on behalf of local firms by charging them 50 centavos (1 US cent) for every kilo of corn bought, the sources said. Funds collected will be used for the development of the local corn industry.
All parties also reached a consensus to endorse the approval of standby authority to local feed mills and poultry and livestock firms to import an additional 200,000 mt of corn without tariff for arrival in December.
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