El Niño and the damage left by Typhoon EgayPH have become a key concern of President Ferdinand Marcos Jr. who said the Philippines would have to import rice again. Read this story by AdrianINQ to know more. INQFocus
As the DA explained, the estimated rice production by the end of next month or in the first weeks of October will boost the current buffer stock, which is equivalent to 39 days as of last Tuesday .But Raul Montemayor, national manager of the Federation of Free Farmers, said with the current buffer stock, “we will need to import 21 days equivalent to fill up the gap until next month, after which the new harvests will start coming in.
But as stressed by Sen. Grace Poe, while the Philippines only imported 10,045 MT of the grain from India last year, compared to the 3.6 million MT from Vietnam, the ban could bring prices to a record high all over the world. No less than the International Monetary Fund has pointed out that India’s move could accelerate inflation in food prices, like the effect of the suspension of the Black Sea export deal for Ukraine’s grain.As reported by CNBC based on an analysis by Barclays, a universal bank based in London, the “Philippines would be the ‘most exposed to a rise in global rice prices,’ given how the weighting of rice is highest in the country’s CPI basket”. CPI refers to consumer price index.
The RTA, which then President Rodrigo Duterte signed into law in 2019, reduced the National Food Authority’s role to one that maintains a 15 to 30 days buffer stock of rice from palay bought from local producers.
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