The Philippines is in talks to import rice from Vietnam and India as the Southeast Asian nation seeks to boost its buffers and lower prices, an agriculture official said.
Vietnamese exporters have already quoted prices that are as much as $40 lower than at a a recent meeting, Department of Agriculture Senior Undersecretary Domingo Panganiban said in a statement sent by President Ferdinand Marcos Jr.’s office.
“This will hopefully pave the way for the country to get better terms for the additional 300,000 metric tons to 500,000 metric tons of rice importation for this year,” the official said.
The additional purchase may lower rice prices for the Philippines as it will boost national inventory, which even without imports, is expected to last for 52 to 57 days by the end of the year, Panganiban said. Marcos earlier this month said the Southeast Asian nation has sufficient rice stock to last even after the El Nino weather pattern next year.
Read More: Soaring Rice Prices Stretch Budgets for Billions in Asia, Africa
The Philippines is one of the world’s biggest rice producers, but it usually buys from major suppliers like Thailand and Vietnam to help fill production gaps caused by typhoons. Agriculture officials in December said rice imports this year will likely reach around 2.5 million metric tons, from about 3.5 million metric tons in 2022.
