The Department of Agriculture has recommended that President Ferdinand Marcos Jr. increase tariffs on imported rice and temporarily suspend rice importation to protect local farmers.
The Philippines saw the trade deficit for agricultural goods trade narrowed in May, as exports of farm goods rise and the value of imports declined during the period.
The total volume of rice the Philippines will import in the first quarter is likely to be significantly lower compared to the same period in 2024, as local farmers begin the harvest season and traders hold off on imports, awaiting further softening of global prices.
Universal Robina Corporation is aiming for mid-single-digit revenue growth this year despite concerns over global uncertainties, including tensions in the Middle East.
Foreign food and beverage (F&B) investors remain interested in expanding operations in the Philippines despite political uncertainties and global supply concerns, according to Food Industry Asia (FIA).
The Luzon and Visayas power grids remained under red and yellow alerts on Thursday as electricity demand continued to exceed available supply due to power plant outages and extreme heat-driven consumption.