The Philippines is set to impose a 40% tariff on rice imported from Most Favored Nations within the existing quota allocation and a 180% rate for imports that exceed the quota.

Also, the quota allocation for minimum allowable volume (MAV) is reduced to 350,000 tonnes vs 805,000 tonnes, as currently allocated.

Rice imports from ASEAN countries have no quotas, but are subject to a 35% tariff.

The Philippine House of Representatives approved the new tariff law on Aug 14.

According to the act, the National Food Authority (NFA) will be mandated to import rice to ensure and maintain adequate national buffer stocks (equivalent to 15 days national consumption). The NFA will allocate permits to eligible importers for the importation of rice other than maintaining buffer stocks.