16:31 | 24/05/2017 Global Economy
The Council of the National Food Authority (NFA) of the Philippines has approved the importation of 805,000 tonnes of Minimum Access Volume (MAV) of rice this year, a government statement said on May 23.
|Illustrative image (Source: www.manilatimes.net)|
MAV refers to the volume of commodities that is allowed to be imported by a member country of the World Trade Organisation. The 2017 Minimum Access Volume is the last of its kind before the lifting of the quantitative restriction on rice by June 30 this year.
Philippine Cabinet Secretary Leoncio Evasco said the council has also directed the NFA Management to amend the MAV guidelines to require participating traders to import 25 percent broken rice from the 25 to 35 percent quota.
He added that it will ensure adequacy of supply and stability of consumer prices at levels within the reach of low-income families.