Philippines To Import 1.6 Mil MT In 2008

The Philippines government has given its approval for the Philippine National Food Authority to procure up to 1.6 million MT of rice this year, which is down 14% from last year's total import volume of 1.87 million MT.

The move comes just when Vietnam, a traditional supplier of the Philippines' rice import requirements, is set to begin harvesting its main crop next month. 

Philippine rice imports are intended to ensure sufficiency of the grain during the traditional lean production months of July to September.