Philippines Sugar Quota Act of 1986

Philippines Sugar Quota Act of 1986 - Permits a foreign country to be allocated a portion of the U.S. import quota on sugars, syrups, and molasses only if the President determines that such country is a friendly developing country and is a net exporter of sugars, syrups, and molasses. Requires the reallocation of a foreign country's allotment of the U.S. sugar import quota to the Philippines (until the Philippine share of such quota reaches 27 percent of its total) if such country is no longer determined to be a friendly developing country and a net exporter of sugar. Provides for the reallocation of a country's sugar import quota among all foreign countries if the Philippine share of the total import quota is 27 percent. Provides that the terms for sugar imports from the Philippines shall be as favorable as the terms for such imports from any other countries (including countries granted duty-free treatment).