Philippines: No Significant Rice Import Reduction

According to the Philippines National Food Authority, the country's rice imports next year are unlikely to fall significantly from the current year's purchases of 2.3 million MT as the government keeping high level of rice stocks to prevent domestic prices from rising sharply.

Last week, Agriculture Secretary Arthur Yap said the government's main consideration in determining next year's import volume is the need to stabilize local prices.

Philippines record imports of 2.3 million MT this year beats the previous record of 2.12 million in 1998, when a severe and prolonged El Nino-induced dry spell ravaged crops across Asia.