![]() This is a big chance to boost Vietnam rice export to Philippines. 4.3 K-Agriculture Factory – one of the leading suppliers in Vietnam rice export to PhilippinesĪn overview of Vietnam rice export to PhilippinesĪccording to the Department of Agriculture and Rural Development, the Philippine government has decided to reduce the import tax on rice to 35% within 1 year to increase rice supply, maintain affordable rice prices and reduce inflationary pressures.4.1 Gentraco Limited Company – one of the best suppliers in Vietnam rice export to Philippines.4 Best suppliers of Vietnam rice export to Philippines.3 Ways to seek popular suppliers in Vietnam rice export to Philippines.2 Factors leading to the development of Vietnam rice export to Philippines.1.3 Main locations promote Vietnam rice export to Philippines.1.2 Leading products of Vietnam rice export to Philippines.1.1 General figures of Vietnam rice export to Philippines.1 An overview of Vietnam rice export to Philippines.Joey Salceda stressed in April that 45 days is lower than the ideal 90 days. Looking back, the law, which is being opposed by farmers, replaced quantitative, or volume, restrictions on imported rice with tariffs of 35 to 40 percent, and reduced the role of the NFA from main buyer to one that maintains a 15 to 30 days buffer stock of rice.Īccording to data from the DA, with the projected palay output of 5.47 million MT in the third quarter of 2023 and demand expected to reach 3.79 million MT, ending stock is seen at 1.69 million MT, which is enough to last 45 days at current levels of consumption. The RTA, which then President Rodrigo Duterte signed into law in 2019, reduced the National Food Authority’s (NFA) role to one that maintains a 15 to 30 days buffer stock of rice from palay bought from local producers. Next year, the US Department of Agriculture said, the Philippines is expected to import more grain, especially in light of the projected increase in demand, saying that the level could reach 3.8 million MT in 2024.Īs pointed out by DA spokesperson Rex Estoperez, under the Rice Tariffication Act (RTA), which was signed into law in 2019, only the President has the authority to call for the importation of rice in case of emergency. Arlene Brosas (Gabriela), however, asked Marcos to “veer away from his proposed government-to-government importation of rice and instead focus on strengthening our local rice industry.”Īccording to data from DA’s Bureau of Plant Industry, the Philippines imported 2.77 million MT in 2021, 3.8 million MT in 2022, and 1.3 million MT in May since the start of the year. This, as it stated that “we have already something like 1.3 million metric tons volume of applications that are already pending there,” pointing out that its process in giving out “sanitary and phytosanitary permits” takes time, too. CPI refers to consumer price index.įilipinos, Poe said, consume 118.81 kilos or two sacks of rice each on the average a year.ĭespite Marcos’ statement, though, that the Philippines will only import rice if local supply is not enough, the DA had said they will proceed with the schedule for the importation of 1.3 million MT of the grain. No less than the International Monetary Fund has pointed out that India’s move could accelerate inflation in food prices, like the effect of the suspension of the Black Sea export deal for Ukraine’s grain.Īs reported by CNBC based on an analysis by Barclays, a universal bank based in London, the “Philippines would be the ‘most exposed to a rise in global rice prices,’ given how the weighting of rice is highest in the country’s CPI basket”. Poe stressed that Vietnam, which was the source of close to 90 percent of rice brought into the Philippines last year, already increased its price to $600/metric ton from the previous $500/metric ton. “Those who will fill that gap can certainly charge a premium,” she said. She said the Philippines is not excluded from the “collateral impact” of the decision made by India on July 20, pointing out that “the decline in global supply from the biggest rice exporter is expected to cause a spike in global rice prices because of speculation.”Īccording to Poe, non-basmati white rice accounts for over 80 percent of India’s total rice exports: “This means that in one fell swoop, India has created a 17.86 million MT shortage in the global rice market,” said the senator. Grace Poe, while the Philippines only imported 10,045 MT of the grain from India last year, compared to the 3.6 million MT from Vietnam, the ban could bring prices to a record high all over the world. Perhaps we can talk to someone there,” he said.īut as stressed by Sen.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |