Philippines Marginally Hikes Rice Support Price

Philippines has decided to marginally increase its buying support price for paddy rice by PHP0.50 per kilogram in order to counter the sharp increase in production costs such as fertilizers and pesticides.

According to NFA, a state-owned grains trading firm, the price increase, which began Nov. 19, will last up to the end of March next year.

Philippines paddy rice output between January-December this year is projected to rise 4% to a record high of 16 million MT.