PH should drop rice import quotas – World Bank
MANILA – The Philippines should scrap rice import quotas and instead charge tariffs on shipments of the grain, the World Bank said on Monday, as it urged the Southeast Asian country to open up its economy to more competition.
The country is the one of the world’s top rice buyers, but its import controls aimed at protecting farmers have previously caused shortages and in 2014 local prices hit a record high and increased the number of Filipinos living in poverty.
World Bank lead economist Rogier van den Brink said the government should replace import caps with an initial 30 percent tariff, compared with 35 percent currently imposed.
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