Rice imports at mid-March exceed 1st quarter 2023 total

THE PHILIPPINES imported 886,963.11 metric tons (MT) of milled rice as of March 14, exceeding the firstquarter total for 2023, the Bureau of Plant Industry (BPI) reported.

The mid-March shipments were 10.6% ahead of the pace of the first quarter 2023 total, pointing to a substantial pickup in imports this year.

Inbound shipments between March 1 and 14 period amounted to 118,796.62 MT.

The US Department of Agriculture projects Philippine rice imports to hit 4 million MT this year, downgrading its earlier projection of 4.1 million MT, when it had been expecting a smaller domestic crop on the assumption of a severe El Niño.

The BPI reported that Vietnam remained the country’s top supplier of rice, accounting for 55.7% of imports with 493,962.72 MT.

In January, the Vietnamese government signed a memorandum of understanding to supply the Philippines with 1.5 million to 2 million MT of rice annually for five years.

Thailand supplied 230,559.43 MT during the period, or 26% of all shipments.

Meanwhile, the volume of rice imports from Pakistan during the period totaled 109,803.5 MT, accounting for 12.4%.

Rounding out the top five sources were Myanmar and Cambodia which accounted for 48,960 and 1,620 MT of rice imports, respectively.

Meanwhile, the National Food Authority (NFA) said that it signed a memoranda of agreement with various local government units (LGUs) for its palay procurement for the dry season harvest.

In a statement, the NFA said: “One of the strategies of NFA to compete with private traders is tapping the help of LGUs to add a premium to the NFA’s buying price through Palay Marketing Assistance Program for Legislators and Local Government Units,” NFA Administrator Larry R. Lacson said.

The participating LGUs include the provinces of Camarines Norte, La Union and Bukidnon, as well as cities and municipalities of Zamboanga, Midsayap, Cotabato; Calapan, Oriental Mindoro; Malolos, Bulacan; and Conner, Apayao.

According to the NFA, the LGUs agreed to add a premium of up to P5 to the NFA’s palay buying price to support farmers.