Philippines Increases Import Quota To 2.4 Mil MT

The Philippines agriculture department has announced that it has increased the country's rice import quota for the current year to 2.4 million MT in order to ensure ample supplies throughout the year.

The volume is 14% higher from an earlier quota of 2.1 million MT set by the department.
 
The Philippines has so far bought a record 2.3 million MT following a rice import deal with Vietnam Wednesday involving 600,000 MT.
 
The previous record was in 1998, when the state-run National Food Authority imported a total 2.12 million MT due to a severe and prolonged El Nino-induced dry spell that ravaged crops across Asia.