Philippines: 3 reasons why Filipinos should care about the global wheat shortage

Published 2022년 6월 27일

Tridge summary

A global wheat shortage, largely due to the ongoing war between Russia and Ukraine, which together supply a third of the world's wheat, is expected to impact the Philippines despite not importing from these countries. The conflict has led to increased global wheat prices, which is affecting the cost of flour in the Philippines, a necessary ingredient for bread and other baked goods. The price of wheat and flour has further been driven up by rising freight costs and a declining Philippine peso value against the US dollar. The situation is expected to lead to higher prices for meat and fish due to increased feed costs. However, the Philippine Association of Flour Millers is optimistic and believes the country will ultimately survive the economic challenges posed by the global shortage.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

There is a global wheat shortage. The Philippine Association of Flour Millers, Inc. (PAFMI) mainly attributes this to the war between Russia and Ukraine, which collectively supply a third of the global wheat supply. Wheat exports from Ukraine are blocked by the Russian navy in the Black Sea. Meanwhile, a US-led embargo on Russia means the latter country is cut off from trading wheat with the US and its allies. But the Philippines does not import wheat from Russia or Ukraine. Instead, the country imports 90% of its wheat from the USA and the rest from Canada and Australia. There is also the matter that the main calorie source for Filipinos is rice, so why should the global wheat shortage matter for Filipinos? In a media forum on June 21, 2022, Ric Pinca, executive director of PAFMI, sat down with Wilson Lee Flores, owner of the oldest bakery in Quezon City, to talk about the implications of the global wheat shortage. Here are three reasons why the common Filipino should care about ...

Source: Mb