PH to import additional 250,000 MT of rice to tame inflation
In a desperate attempt to tame inflation, which shot up to nine-year high in August, the Philippines will be importing additional 250,000 metric tons (MT) of rice this year.
The National Food Authority Council (NFAC), the policy-making body of the NFA, has approved yesterday night the additional importation of 250,000 MT of rice to beef up the current NFA stocks.
The Council has instructed the NFA to hold an open tender immediately for the importation of the additional rice stocks to arrive in November 2018.
“The additional importation can increase NFA’s active participation in the market by as much as 20 percent,” NFA said.
The move to import more rice came just a few hours after Agriculture Secretary Emmanuel Piñol said the country will have the highest local production for rice for this year.