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The Philippines, one of the world’s top rice buyers, plans to import 330,000 metric tons of rice this year to boost its stockpiles, according to the office of President Ferdinand Marcos Jr.
The National Food Authority, the state’s grains procurement agency, has proposed that the rice imports be undertaken through a government-to-government deal, either through the office of the president or its designated agency, Marcos’s communications office said in a statement late on Thursday.
Marcos, who’s also the agriculture chief, had met with agriculture officials to discuss supply of the country’s national staple and keep prices stable. "In terms of the general supply for the country, I think we are in good shape and although we still have to import, our importations have come down,” he said.
The Philippines is also one of the world’s biggest rice producers, but it usually buys from major suppliers Thailand and Vietnam to help fill production gaps caused by typhoons. Agriculture officials have said rice imports this year will likely reach around 2.5 million metric tons, down from about 3.5 million metric tons last year.
The government typically issues rice import licenses and so far, 790,449 metric tons have arrived in the country, the statement said. The Philippines’ rough rice output is projected to hit 20.5 million metric tons this year compared to 19.8 million metric tons in 2022.
Marcos said he’s confident there won’t be a shortage in rice supply and that the government is looking at ways "to control prices so they won’t go up too much.”
