Philippines may request a further extension of the rice import quota to at least 2015, the Administrator of the National Food Authority Angelito Banaya said during the weekend.
"The consensus in the Department of Agriculture in order to seek an extension of quantitative restrictions until 2015. I told [the officials] have extended rather [as] it is feared that the upheaval that could negatively impact the agricultural sector , Banay said.
The restrictions, or quotas allow the Philippines to limit the volume of rice that can be imported by the government each year to prevent a possible influx of cheap shipments from abroad. It also serves as a protection for local farmers. Quantitative restrictions expire in 2012.
The restrictions also allow the Philippines to keep its rice import needs of the World Trade Organization, at least, but without any concessions to other members of the international trade organization.
Banay said it was possible that the Philippines resource for the extension of quantitative restrictions in 2011.
He said what kind of concessions the Philippines would return for the extension.
Philippines agreed to increase their minimum access volume of rice and 350,000 metric tons, in exchange for extending the restriction until 2012.
The MAV refers to the minimum volume of agricultural production that the government will allow the entry to the reduction of tariffs.
The government also reduced tariffs on rice MAV to 40 percent from 50 percent in 2007. Other rice imports imposed a tariff of 50 percent.
(Source: http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/march/28/business4.isx&d=2011/march/28)
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