The Philippines, the world’s second largest rice importer, may account for half of the total rice imports in Southeast Asia this year as the country turns to imported stocks to keep retail prices stable.
THE Philippines, the world’s second largest rice importer, may account for half of the total rice imports in Southeast Asia this year as the country turns to imported stocks to keep retail prices stable.
Historical USDA data showed this would be the first time in four years that the Philippines’s share in total rice imports by Southeast Asia would be at least half. USDA emphasized that rice imports in the Asian region are rising, particularly in countries like the Philippines and Bangladesh, as a result of sustained wheat prices in the global market.
The Philippines has lowered and kept its most favored nation tariff on rice to 35 percent since mid-2021 as a measure to augment local supply and avert spikes in retail prices amid various global economic challenges.
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