Philippines Releases $21 Mil In Subsidies To Boost Rice Production

The Philippines agriculture department has released close to PHP1 billion ($22.5 million) worth of fertilizer subsidies in a bid to boost paddy rice production for this year's main crop.

According to Philippines Agriculture Secretary Arthur Yap, the subsidy is a key part of the department's goal of achieving at least 98% rice self-sufficiency.

Fertilizer prices have risen sharply in tandem with surging oil. Petrochemical-based fertilizers have doubled in price from year-ago levels.
 
Philippine paddy rice output this year is projected to reach 17.3 million MT, up 6% from last year's record output of 16.2 million MT.