January 3, 2023

 

USDA increases Philippines corn import forecast

The United States Department of Agriculture (USDA) has projected that the Philippines will increase its corn imports in market year 2022/23 to 1 million metric tonnes due to the extension of lower tariffs on the commodity and easing of global prices, BusinessMirror reported.

 

The United States Department of Agriculture – Foreign Agricultural Service in Manila (USDA-FAS) said Philippines corn imports for the current market year (July 2022 to June 2023) would be two-thirds over the previous market year's 600,000 metric tonnes.

 

The USDA said that Indonesia has "expressed interest" in exporting corn to the Philippines, especially as there is low domestic demand in Indonesia. 

 

According to the USDA-FAS Manila, the estimated Indonesian corn exports to the Philippines for the current marketing year are from 200,000 metric tonnes to 250,000 metric tonnes.

 

By extending the lower tariff rates on pork, corn, rice, and coal until the end of the year, the administration of President Ferdinand R. Marcos Jr. hopes to slow the country's rapidly rising inflation rate.

 

The Philippines' Bureau of Plant Industry (BPI) has received more than double the number of requests for corn imports, from 298,831 metric tonnes to 627,871 metric tonnes, USDA-FAS Manila said.

 

USDA-FAS Manila said approved sanitary and phytosanitary import clearances for corn imports increased by 83%, from 201 in July to 367 in September.

 

This is because feed millers have taken advantage of Executive Order No. 171, Series of 2022, which ordered to lower corn tariffs.

 

Due to the extension of lower tariffs and anticipated competitive future price quotes, USDA-FAS Manila predicted that the Philippines' total corn feed consumption would amount to 6.9 million metric tonnes, 100,000 metric tonnes more than the previous market year.

 

When available, corn is still the preferred feed ingredient, particularly for broilers and layers.

 

-      BusinessMirror