The Philippines will import the additional 200,000 tons of rice from Vietnam increasing the total imports from Asia’s second biggest exporter to one million tons, according to Bloomberg. The Southeast Asian nation has decided to import more rice in addition to the 800,000 tons already being imported from Vietnam to ensure supplies and curb price hikes.
Supply and normalize retail prices that have reached its peak level.Although it has already bought 1.3 million tons of vietnam rice.Of the 800,000 tons being imported from Vietnam, around 193,000 tons of rice have been delivered, and around 274,250 tons are scheduled to arrive in late June and the remaining 332,350 tons are expected by the end of August.
Francis Pangilinan, presidential assistant for food security and agricultural modernization, announced the decision late Thursday after a meeting with President Aquino and other agriculture officials.
Because of rise in Local retail prices of the national staple by about 20%,there is unlimitted smuggling of grain in the country. Although The National Food Authority has been releasing plentyful amount of rice into local markets in recent weeks in an effort to prevent prices of varieties sold by private traders from rising further.
But this is not a solution to curb price rise in the country without government control on prices of commercial rice.The reported plan of the NFA to release 400,000 metric tons of imported rice in the market will have “little effect” on rice prices.