Investing.com - Financial Markets Worldwide
📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Philippines seeks 300,000 T of corn imports as El Nino hurts harvest

Published 05/21/2019, 06:12 PM
Updated 05/21/2019, 06:20 PM
Philippines seeks 300,000 T of corn imports as El Nino hurts harvest

MANILA, May 21 (Reuters) - The Philippines said on Tuesday
it is seeking to import 300,000 tonnes of corn to cover a
shortfall in the domestic supply caused by the El Nino-induced
dry weather, and to prepare for the expected "dramatic" growth
of local hog and poultry sectors.
The imports are subject to the approval of the Department of
Finance, Agriculture Secretary Emmanuel Pinol said in a
statement.
Pinol has proposed "lower" tariffs for the corn cargoes, but
did not specify any figures. The Philippines imposes duties from
5% up to 50% on corn imports.
To further boost domestic livestock feed supplies, he said
areas planted with corn and sorghum would be expanded by 100,000
hectares (246,105 acres).
The Philippines' corn output in the first quarter contracted
by 2% from a year earlier to 2.43 million tonnes due to the El
Nino, a warming of waters of the eastern Pacific Ocean that
often causes hot, dry weather in Southeast Asia.
Pinol also said some of the local large hog producers are
looking to export pork to China, which has killed millions of
pigs because of an epidemic of African swine fever.
The epidemic, however, has curbed Chinese demand for the
country's favourite meat.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.