By GMA Integrated News.

Rice importers from the Philippines have delayed purchases of around 350,000 metric tons of Vietnamese rice, according to a report by international news agency Reuters.

The report, which was cited by ”24 Oras Weekend” on Saturday, said traders are currently renegotiating agreements after Vietnamese rice prices saw a “steep decline” in recent weeks.

One Singapore-based senior executive at an international grain trading company told Reuters that ”buyers are not willing to take the expensive rice.”

Department of Agriculture spokesperson Assistant Secretary Arnel de Mesa, meanwhile, said in the 24 Oras Weekend report that the import delays may have been caused by the recent holidays in Vietnam.

On Monday, the Philippines, one of the world’s largest rice importers, declared a food security emergency on rice based on the recommendation from the National Price Coordinating Council.

“This emergency declaration allows us to release rice buffer stocks held by the National Food Authority (NFA) to stabilize prices and ensure that rice, a staple food for millions of Filipinos, remains accessible to consumers,” Department of Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement.

President Ferdinand Marcos Jr. earlier said prices of rice in the market remained high even after the decrease in the cost of production. —Sherylin Untalan/VBL, GMA Integrated News

Published Date: February 8, 2025