24/07/2022
Philippine rice imports to hit 2.9 million MT
Philippine wants stable rice, corn supply for rest of 2022
President Ferdinand "Bongbong" Marcos Jr., also concurrent secretary of the Department of Agriculture (DA), insisted on Monday that the department has to move quickly and ensure an adequate supply of rice and corn for the third and fourth quarters of the year.
During the executive meeting, Marcos said Filipino families must be provided with "sufficient and affordable" food.
Besides securing short-term supplies, Marcos noted that the department will push for long-term actions.
"In the longer term, we really have to reconstruct our value chain starting from our scientists and our researchers all the way to the Kadiwa store. So we have to remake that model. We have a good model that was from a previous administration but it is a very different world out there. The technology is very different and although the concept will be very similar we have to come out with 2022 to 2028 to 2030," he said.
The Philippines is expected to continue importing rice this year, with shipments expected to reach as much as 2.9 million metric tons (MT). In a report by its Foreign Agriculture Service, the United States Department of Agriculture (USDA) revised upward its rice import forecast for the Philippines to 2.9 million MT, higher than its earlier projection of 2.5 million MT. The USDA attributed the higher forecast to the “continued strong import pace from Vietnam.” Similarly, the USDA also adjusted upward its milled rice production forecast for the country at 12.4 million MT from the earlier projection of 12.3 million MT. Consumption forecast is also increased to 14.95 million MT from 14.85 million MT.