PITC cancels 300K MT rice importation
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said that its attached agency, Philippine International Trading Corp. (PITC), has abandoned the plan of importing 300,000 metric tons (MT) of rice.
The PITC is tasked to implement government-to-government (G2G) rice importation through a directive from the Department of Agriculture (DA) as stated in the Rice Tariffication Law (RTL).
PITC initially eyed to import 300,000 MT of rice for the lean months of July and August.
“It will be recalled that the initial decision for the G2G importation plan was a result of the potential threat to maintaining a good buffer supply of rice for the country. Earlier computations from DA showed a threat to the targeted level of buffer stock following the imposed ban of rice exportation from Vietnam in April,” Lopez said in a statement Friday.
Vietnam has initially banned shipping out rice during the coronavirus disease 2019 (Covid-19) outbreak to secure the staple for its own market. But Vietnam already lifted the rice importation ban.
“With the lifting of the rice export ban of Vietnam, we can expect more comfortable buffer stock levels moving forward,” Lopez said
According to DTI, the country imports 7 percent to 14 percent of the country’s rice requirement. Over 90 percent of these rice imports are coming from Vietnam.
In a statement last week, the Federation of Free Farmers (FFF) questioned the importation of 300,000 MT of rice by the PITC.
They cited that based on the Implementing Rules and Regulations of the Rice Tariffication Law, PITC may proceed with the importation if there is an official declaration of rice shortage in the country.
The group added that DA Secretary William Dar has stated that the country has enough supply of rice. (PNA)