Govt to import rice next year despite good harvest expectations

MANILA, Philippines - The Philippines intends to import approximately one-tenth of its rice requirements early next year despite expectations of good harvest for the period. The Philippines—the world’s biggest rice importer—may buy as much as two million metric tons of the grain, Agriculture Secretary Arthur C. Yap said during a Mandaluyong City forum. However, he refused to announce the date of the proposed transaction since doing so “will not work out for the country’s benefit." “We will continue the strategy of early buying," Yap said at the Newsmaker's Forum held at the Holiday Inn in Ortigas, adding that the government was able to secure rice stocks at a time when the grain’s prices surged to $1,200 per metric ton. Manila remains open to negotiating possible government to government rice import deals with Seoul and Tokyo, Yap said. Last year, Manila imported 2.3 million metric tons of rice, boosting world prices to historic levels primarily owing to Philippine demand. Despite a survey indicating that farmers may be planting less rice owing to expensive fertilizers, the Department of Agriculture remains optimistic that rice production for next year will reach 17.3 million metric tons. - GMANews.TV