The Philippines’ state grains agency aforesaid it will deliberate importing up to 600,000 tones of rice to enhance buffer stocks after Typhoon Hagupit spoiled crops and provoked the issue of crisis deliveries.
Crop damages this quarter from ruthless weather and a expected drop in first-quarter yield next year have positioned the Philippines, one of the world’s leading rice buyers, under anxiety to increase imports to conserve a wholesome buffer stock in 2015.
New demand from the Philippines could maintain tempering rice export prices in Thailand and Vietnam.
A team at the National Food Authority (NFA) has suggested to import 500,000 tonnes of rice in case of a natural disaster should be boosted by 100,000 tonnes. NFA official said, “We’re seeking a meeting of the NFA Council to discuss the recommendation of the group in charge of computing our requirements.”
The Department of Agriculture said early strong winds and rains from Hagupit, which battered the Philippines over the weekend, had damaged reports showed nearly 20,000 tonnes of unmilled rice from standing crops.
The NFA purchased more than 1.8 million tonnes from Vietnam and Thailand throughout 12 months, safeguarding its buffer stocks while issuing extra rice into local markets to bring down retail prices that stroke record highs.
The agency was enforced to import further, fetching in the largest yearly capacity in 4 years, once its stocks were nearly exhausted due to reprieve exertions and crop damages succeeding category-5 Super Typhoon Haiyan’ rage in November 2013.
The agency presumes to issue more stocks, with local government officials in parts knockout by the typhoon requesting additional NFA supply.