September 27, 2007

Philippines to complete tax-free corn imports in October

The Philippine National Food Authority plans to hold a tender in late October to buy up to 70,000 tonnes of tax-free corn for December shipment, a senior official at the agency said Thursday.

The NFA will be importing the corn on behalf of local feedmillers, poultry and livestock raisers.

The volume represents the remainder of a 200,000-tonne tax-free corn import quota given to local end-users this year, following sharp increases in world market prices of grains. Corn imports to the Philippines are taxed at 35 percent.

The NFA has been authorised by the Agriculture Department to import the corn on behalf of end-users.

In April, the NFA bought around 130,000 tonnes of Argentine corn around $215.48-$215.50/tonne on a cost-and-freight basis, on behalf of local end-users of corn such as feedmillers and livestock raisers.

Corn is a major component in livestock and poultry feeds.