PH’s rice imports seen hitting 2.3M MT
The Philippine government is expected to import more rice this year, or around 2.3 million metric tons (MT), as a result of the country’s move to liberalize rice importation. This was higher than the 1.9 million MT of rice that was purchased abroad in 2018.
“The Philippines has been a more active buyer in recent months and pending legislation would likely keep imports at robust levels,“ United States Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) said in a report.
USDA originally pegged its rice imports projection for Philippines at 1.8 million MT.
But as the Philippines move closer to the implementation of Rice Tariffication Bill, which would replace the volume restrictions on rice imports with tariff, more imported rice are expected to enter the country.
Aside from this, cost of rice is also seen to increase on the weight of high fuel prices and market distribution inefficiencies.