Philippines may seek rice import quota extension

MANILA, Mar 28 (Commodity Online): With an objective to protect the interests of its farmers, Philippines may seek WTO, the extension of rice import quota due to expire in 2012 to 2015. The restrictions on rice imports materialized as the import quota is supposed to protect the country's farmers from foreign imports. The country may formally request WTO to extend the quota this year itself. Naturally, this would mean offering certain concession to other members of the WTO. Tariffs on the MAV rice were reduced to 40 per cent from 50 per cent in 2007 by the Philippines government earlier with other rice imports getting to incur 50 per cent tariff.