Philippines Increases Import Quota To 2.4 Mil MT

According to Philippines National Food Authority, NFA, the Philippine government has increased its rice import quota to 2.4 million MT this year in order to further boost the national stockpile of the grain.

The state-owned, grain-importing agency was earlier allowed to import as much as 2.1 million MT of rice to cover for the projected 10-percent shortfall in local production of the staple.

In the last four rice auctions conducted for the private sector, traders however continued to shun the opportunity to import duty-free rice, put off by high international prices and competition from government-subsidized sales in the domestic market.