Connect with us

Hi, what are you looking for?

Economy

ASEAN sugar seen generating most savings if PHL imports

SUGAR imports from within the Association of Southeast Asian Nations (ASEAN) are expected to yield the Philippines savings of $480.82 per metric ton, the United States Department of Agriculture (USDA) said.

Imports from ASEAN are subject to more favorable trade terms than goods from trade partners enjoying Most Favored Nation (MFN) status, for which savings are estimated at $128.02 per metric ton, the USDA said in a report.

“If the Philippines were to honor its commitments under the (World Trade Organization) and ASEAN… sugar prices are estimated to decline by $480/MT from ASEAN and $128/MT, at 50% tariff… if outside ASEAN,” the USDA said.

Last year, the Philippine Department of Agriculture (DA) said it is expediting the import of 64,050 MT of refined sugar to stabilize prices of the sweetener.

The DA said it is convening the minimum access volume (MAV) advisory council to facilitate imports via the MAV mechanism.

MAV governs the volumes of agricultural import commodities that a WTO signatory must admit from trading partners, essentially a commitment by members not to completely close off their markets to foreign products.

“Through its membership in the WTO, the Philippines bound itself to the implementation of a tariff-rate quota on sugar, wherein MFN trading partners are entitled to export 64,050 MT each year at an in-quota tariff of 50%,” the USDA said in its report. — Ashley Erika O. Jose

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Economy

THE MONETARY Board signaled its readiness to continue raising benchmark interest rates if inflation persists, putting it at odds with other central banks which...

Economy

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting...

Economy

THE Philippine business delegation to the Davos conference in Switzerland was led by the heads of some of the country’s biggest blue-chip companies representing...

World News

WASHINGTON — New Jersey and Ohio said on Monday they were joining other states in banning use of the popular video app TikTok on...

Dislaimer: FutureMoneyFate.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 FutureMoneyFate.com All Rights Reserved. Spirit