Shanti-Agro-AdAccording to a recent report of the Bloomberg, the monsoon rains damaged around $415,455 worth rice crop in the northern Luzon region of the Philippines.

Further, it has been observed that Philippines paddy output in the first half of 2015 reached around 8.3 million tons, down about 1% from last year’s 8.39 million tons and further down about 2.4% from the targeted 8.5 million tons as per the Department of Agriculture sources.

In one of the reports, it has been indicated that the National Food Authority (NFA) has already imported around 750,000 tons of rice from Vietnam and Thailand and has approved private traders to import around 805,200 tons of rice under WTO. The permission has been given to maintain a buffer stocks and also to curb price hikes in future. In addition, it has also been authorized to import another 250,000 tons of rice, if required.