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MANILA, Philippines – The Bounty Group has backed the Department of Agriculture’s (DA) push to increase the import quota for corn to curb food price increases and ease inflationary pressures.
Earlier, the agency announced it is seeking to double the minimum access volume (MAV) allocation for corn to 500,000 metric tons (MT) from the current 216,940 MT to cushion the impact of rising feed costs and reduce supply risks.
READ: Philippines may allow more pork, corn imports at lower tariffs
MAV is a trade mechanism that allows the importation of specific quantities of agricultural products at lower tariff rates. Corn imports within the MAV quota are subject to a 5-percent tariff, while out-quota shipments face a 15-percent duty.
