No-import order causes world rice prices drop
A rice expert said the price of rice in the world market has become affordable after President Duterte announced that the Philippines will not import rice during the harvest season.
Agriculture Secretary Emmanuel Piñol quoted Dr. Samarendu Mohanty, economic analyst of the International Rice Research Institute (IRRI), as saying that the export price of rice in the world market “has fallen to very economically affordable prices partly because of the announcement by President Duterte that the Philippines will not import rice during the harvest season and also because harvest in the rice producing countries has been good.”
Piñol said according to Mohanty, the Philippines has an inventory of about 5 million metric tons of rice and a buffer stock supply good for 46 days.
Piñol said Duterte’s order is meant to protect local farmers from rice cartels.