The Marcos Jr. administration will not amend the country’s current rice trade regime, which was liberalized in 2019, according to the Philippines’s official communication to the World Trade Organization (WTO). Know more:
THE Marcos Jr. administration will not amend the country’s current rice trade regime, which was liberalized in 2019, according to the Philippines’s official communication to the World Trade Organization .
Manila’s statement was an actual response to a query raised by Washington regarding publicized proposals or plans by previous Philippine government authorities about reviewing the country’s rice trade regime. Monetary Board member V. Bruce J. Tolentino said the Philippines’s communication to the WTO shows the country’s commitment of “maintaining” its “gains” from the liberalization of its rice trade regime.
These mechanisms, Montemayor said, include restoration of import licensing, strengthening usage of trade remedies such as safeguard duties, tighter import controls to curb smuggling, undervaluation and misdeclaration, which he noted is allowed under the WTO rules.
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