Philippines to lessen import of rice this year

Published 2020년 12월 15일

Tridge summary

The Philippines is projected to import 2.3 million metric tons of rice instead of the previously forecasted 2.5 million metric tons due to government regulations on import permits. This means the country will retain its position as the world's top rice importer, with Vietnam's rice exports expected to decrease as a result. The Philippines' rice production has been negatively impacted by recent typhoons, leading the government to lower its production target for the year. Agricultural damage is estimated to cost P14.9 billion.

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

Original content

As a result of the government’s decision to regulate the issuance of import permits on rice, the Philippines will now end the year with slightly lower imports of the staple. Despite this, the country is still poised to retain its status as the world’s top rice importer. In its latest report on global rice production, the US Department of Agriculture’s (USDA) forecast for the Philippines’ 2020 rice imports has been reduced from 2.5 million metric tons (MT) to 2.3 million MT. This, according to USDA, was because of the Philippines’ Department of Agriculture’s (DA) decision not to issue additional import permits for the remainder of the year. “Private sector imports in the Philippines have been stymied in recent months as the government has stopped issuing new import permits with unrest in the farm sector,” USDA said, referring to the continuous decline in the price of locally produced palay. Still, the Philippines remains the top rice importer in the world, followed by Nigeria, ...

Source: Mb