The Philippines plans to buy less rice from foreign markets next year amid excessive supply coupled with improvement in local production.(Photo: Philippine Department of Agriculture)
Singapore (VNA) – After setting record-high imports this year, thePhilippines plans to buy less rice from foreign markets next year amidexcessive supply coupled with improvement in local production.
In the latest report of the US Department of Agriculture-Foreign AgriculturalService (USDA-FAS), the Philippines is expected to import 2.4 million tonnes, 23percent lower than this year’s 3.1 million tonnes.
The forecast is given as milled production is projected to increase by 3percent to 12 million tonnes, while total palay production will inch up 2percent to 19 million tonnes.
Philippine farmers will continue planting rice despite low prices, andprogressive rice producers will become more efficient next year, the USDA said.
Although area harvested is pared down, rice output next year will increaseslightly due to favourable weather conditions compared to this year with ElNino. Along with adequate inventories, rice imports are expected to decline in2020.
The government identified increasing food prices, particularly rice, as a majorcontributor to inflation last year, which peaked 6.7 percent in last October,the highest in nearly a decade.
According to USDA-FAS, the country’s mid-term elections in May and the initialimplementation of agricultural policy reforms, most notably the RiceTariffication Law resulted in a surge of imports this year. DuringMarch-August, the Philippines imported 1.3 million tonnes of rice./.
VNA
