The Philippines is seen importing 100,000 metric tons less rice this year and next due to improved farm output and despite the favorable impact of the recalibration of tariff rates on the commodity, the United States Department of Agriculture (USDA) said on Tuesday.
According to the American agency, rice imports in 2024 and 2025 should not top 4.6 million MT during the period and contrast significantly against its original rice imports estimates of 4.7 million MT.
According to the Bureau of Plant Industry, 2.49 million MT worth of rice have been shipped to the Philippines as of 1 August.
The bulk or 1.88 million metric tons came from Vietnam that accounted for 75.5 percent of total rice imports.
The Philippine Department of Agriculture (DA) said rice inventory by year’s end is forecast at 3.64 million MT as the impact of the El Niño devastation on palay production was less pronounced than initially expected.
The DA said the projected volume equal approximately 93 days of national rice consumption that exceeds the 1.9 million MT reported in December 2023.
At this level, the DA said the national rice inventory is the highest in 25 years, topping the 3.42 million MT reported in 2010 based on data from the Philippine Statistics Authority.
The price of local well-milled rice ranges from P48 to P56 per kilo and regular milled from P45 to P55 per kilo.
Imported well milled rice sell from P51 to P55 per kilo while imported regular milled rice sells from P47 to P51 per kilo.
Imported special variety rice sell from P53 to P65 per kilo and from P50 to P60 per kilo for premium.
Local special variety rice sell from P56 to P62 per kilo and from P50 to P58 per kilo for premium.
