Philippines Plan Early Rice Import Next Year

Philippines Agriculture Secretary Arthur Yap has revealed that the country is likely to undertake early rice import purchases for next year even as the government is accelerating domestic buying of the grain to keep prices from falling sharply and encourage local planting.

As in previous years, the Philippines is expected to start buying late this year its rice import requirements for next year to take advantage of comparatively lower prices in the global market.
 
International rice suppliers usually offer the grain at lower prices during the last quarter of the year, when farmers in major producers Thailand and Vietnam harvest their main crops.

The Philippines is the world's biggest importer of rice this year, buying a record 2.3 million MT following sharp increases in domestic prices.