The Philippines is one of the world’s biggest rice importers. It usually imports rice from Vietnam, Thailand, India, and other producers in Asia. (Photo: VNA)Bangkok (VNA) – The Philippines’ National Food Authority (NFA) has proposedimporting 330,000 tonnes of rice to cover an expected deficit in its bufferstock.
Themove was made as the Philippine government wants to curb the cost of thestaple grain and limit upwards inflation pressure.
Accordingto a statement released on April 14, the country's presidential palace askedthe NFA to strengthen its buffer stocks for emergency relief operations, but ramping up its purchases from local farmers could push domestic prices higher.
Domesticrice prices in the Philippines have increased, with the cheapest variety nowselling at 36-44 pesos (0.65-0.80 USD) per kilo, up from 35-38 pesos at thestart of the year.
Meanwhile,the country’s inflation eased in March to 7.6%, which is still 2-4% higher thanthe targeted rate.
Thegovernment is now looking at non-monetary measures to address price pressures,while the central bank has signaled a pause in interest rate hikes.
The Philippines’ year-end rice inventory isestimated at 1.69 million tonnes, equivalent to a 45-day buffer stock, justhalf of the ideal 90-day stock needed to stabilise prices, the statement said.
PresidentFerdinand Marcos Jnr, who is also the agriculture secretary, said he is lookingat “all measures” to curb rice prices.
ThePhilippines is one of the world’s biggest rice importers. It usually importsrice from Vietnam, Thailand, India, and other producers in Asia./.
