Metro Manila (CNN Philippines, June 26) — The Philippine International Trading Corporation has decided to scrap plan to import 300,000 metric tons of rice, which was initially targeted to arrive during the country’s lean months.
Trade Secretary Ramon Lopez said in a statement on Friday that this was based on Vietnam’s decision to lift its rice export ban, thus we can expect “more comfortable buffer stock levels moving forward.”
PITC is an attached corporation of the Department of Trade and Industry.
The Agriculture department added that their recent projections also showed that the country will have enough supply of the staple grain.
Agriculture Secretary William Dar said that since the private sector import rice under the Rice Tariffication Law, this would mean more tariff revenues to fund the P10-billion Rice Competitiveness Enhancement Fund.
In May, Vietnam assured long-term supply of rice to the Philippines amid challenges caused by the pandemic, ensuring stable supply of rice in the country. Vietnam, one of the world’s largest rice exporter, imposed a ban on rice exportation last March to ensure its food supply amid the COVID-19 pandemic.
The DA noted that Vietnam accounts for over 90% of the Philippines’ imports, making it the country’s top importer.
Earlier reports showed that the country has imported about 1.086 million MT of rice from January to May, with more than 968,000 coming from Vietnam.
The DTI through the PITC planned the importation of 300,000 MT of rice through a government-to-government importation plan. It has reached out to Myanmar, Vietnam, Thailand, Cambodia, and India regarding the matter.
These were initially expected to arrive July and August, the country’s lean months.
The Rice Tariffication Law permits G2G importation as an emergency measure to ensure enough supply of rice during a national emergency.
