The Philippines will import more corn in MY 2024/25
USDA’s Manila office forecasts higher corn imports (~1 million tons) in MY 2024/25 to cover increased feed consumption. Local corn production, projected at 8.4 million tons, is expected to lag behind demand from the growing livestock and poultry sectors.
In 2024, hog production is expected to grow by 3% and broiler production is expected to grow by 4-5%. Moreover, the government has extended lower tariff rates on corn (5% on quota and 15% off-quota) until the end of 2024. Meanwhile, the agency expects local production to remain flat at around 8.4 million tons.
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