Philippines Q3 ethanol allocation to promote boost in imports

In the Philippines, Platts reports that the quarterly allocation for ethanol for Q3, set at 40,983 cu m or 55.65% higher than 73,650 cu m the previous quarters, and 35,833 cu m or 45.47% higher on the year. With the allocations far higher than domestic production is likely to supply, oil companies are looking at importing to fulfill the quotas, especially for the latter part of the quarter. Domestic ethanol is currently at $1,070.80/cu m while landed, taxed imported ethanol is roughly half that price at $550.61/cu m CIF Philippines.