The Philippines was likely to remain the world’s top rice importer this year and next, with purchases seen half a million metric tons more each time, based on forecasts released by the United States Department of Agriculture.
According to the USDA, Philippine rice imports this year were to hit as much as 4.6 million metric tons and rise further to 4.7 million metric tons in 2025, making the country the world’s leading rice buyer.
This compares against rice imports the USDA forecasts in May this year totaling only 4.1 million metric tons and another 4.2 million metric tons next year.
According to the USDA, the projected consumption is facilitated in the main by reduced tariff on the commodity.
Data from the Bureau of Plant Industry show rice imports totaling 2.17 million metric tons arrived on 6 June. The bulk of the imports of 1.59 million metric tons, or 73 percent of total, were from Vietnam.
Earlier, government estimates plot the retail price of imported rice likely to be P6 to P7 cheaper per kilo on the basis of reduced tariff on the staple beginning August this year. Rice imports with reduced tariffs are scheduled to arrive this July.
The forecast price of rice imports sold retail is based on estimates done by the Philippine Statistics Authority.
Department of Agriculture monitoring of public markets in the National Capital Region show the price of well-milled rice selling from P48 to P55 per kilo and regular rice from P45 to P52 per kilo.
Imported well milled rice sells from P52 to P55 per kilo while imported regular rice sells from P48 to P51 per kilo.
Imported rice sells from P57 to P65 a kilo for the special variety and P50 to P62 a kilo for premium.
Domestically grown rice costs P56 to P65 a kilo for the special variety and P50 to P58 a kilo for premium.
