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Philippines seeks two-month halt on rice imports to support prices

Published 10/06/2020, 04:11 PM
Updated 10/06/2020, 04:20 PM
© Reuters.

MANILA, Oct 6 (Reuters) - The Philippines' Department of
Agriculture on Tuesday asked local importers to stop importing
rice between October and November to support domestic prices
during the country's main wet-season harvest.
The world's biggest rice importer, which buys mainly from
neighbouring Vietnam, is now expected to purchase around 2.3
million tonnes of its staple food this year, Agriculture
Secretary William Dar told reporters.
The Philippines' rice purchases last year were estimated at
a record-high 2.9 million tonnes after it lifted a
two-decade-old restriction on the size of imports.
The government expects year-end rice stockpiles to be the
biggest in 10 years. Dar said almost 2 million tonnes of rice imports had arrived
this year and about 300,000 tonnes more may be shipped in before
year end.
The domestic rice harvest in the second half will be
"substantial", he said, with the main harvest expected between
June and November.
To support prices amid rising domestic stockpiles and the
influx of imports, the government is also now "massively" buying
unmilled rice from local farmers for buffer stocking, Dar said.
The Philippines' rice inventory is closely monitored by rice
producers and traders in Vietnam and other top exporters such as
Thailand and India.
Asia's rice export prices eased last week in most hubs on
lacklustre demand, with fresh supplies expected to be a further
drag. Activity in the export market was muted with the absence
of buyers from the Philippines, according to
traders.

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