ByJed Macapagal

The United States Department of Agriculture (USDA) revised downward its forecast for the Philippines’ rice imports in 2024 and in 2025  by 100,000 metric tons (MT).

In a report released  this month, the USDA said the country’s rice imports in 2024 and in 2025 may hit as much as 4.6 million MT.

The USDA cited the Philippines’ slowing purchases of rice from Vietnam as the basis for the  expected reduced rice imports this year.

Next year’s toned down rice imports projection is attributed to improved local production despite reduced import duties.

The USDA originally estimated  Philippine rice imports  at 4.7 million MT of rice for both 2024 and 2025.

According to data from the Bureau of Plant Industry, 2.49 million MT of imported rice arrived in the Philippines as of August 1.

Bulk of the imported rice supply came from Vietnam with 1.88 million MT or 75.5 percent of the total.

The  Department of Agriculture (DA) said the country’s year-end rice inventory will be at 3.64 million MT as the impact of El Niño on palay production was less pronounced than initially expected.

DA said the projected volume is equivalent to approximately 93 days of national rice consumption which also exceeds the 1.9 million MT recorded in December 2023.

The DA said earlier projected the national inventory at the end of 2024 will be the highest in at least a quarter of a century, topping the 3.42 million MT in 2010 based on data from the Philippine Statistics Authority.

Based on DA’s monitoring of public markets in the National Capital Region, the price as of last Monday of local well-milled rice is between P48 and P56 per kg and regular milled, P45 and P55 per kg.

The price of imported well milled rice is  P51 to P55 per kg, while the price range of imported regular milled rice is  P47 to P51 per kg.

Imported rice ranges from P53 to P65 for the special variety and P50 to P60 for premium.

For local rice, the special variety costs P56 to P62 per kg and premium, P50 to P58 per kg.

Published Date: August 14, 2024