Philippines Hopeful Of Reaching Target Despite Drought

The Philippine Department of Agriculture has said that it remains hopeful of achieving its rice production target for the year of 16.2 million Mt despite the ongoing drought.

The target is 5% above last year's record output of 15.4 million MT.
 
The drought has already prompted the National Food Authority, a state-owned grains trading firm, to schedule a buy tender on Sept. 7 for 260,000 MT. A major importer of rice in Asia, the Philippines has already contracted to buy 1.61 million MT of rice so far this year.