NextGen Day

MANILA — The Philippines could soon witness a decline in rice prices as negotiations commence with Vietnam and India, according to a statement released on Friday by Domingo Panganiban, Senior Undersecretary of the Department of Agriculture (DA).

Panganiban indicated that Vietnamese exporters had presented private traders with revised quotations ranging from USD30 to USD40. This revised price quotation falls below the figures quoted during the previous meeting held at Malacañan Palace in Manila.

The DA is also actively collaborating with the Indian government to facilitate rice imports based on “humanitarian grounds.” Panganiban expressed optimism that this effort will pave the way for improved terms for an additional 300,000 to 500,000 metric tons of rice imports earmarked for this year.

“This strategic move is poised to exert downward pressure on prices, further reinforcing our national inventory. Even without factoring in imports, our current stockpile is projected to suffice for 52 to 57 days until the close of 2023,” Panganiban elaborated.

In response to the evolving situation, President Marcos, concurrently serving as the head of the DA, convened discussions with key players in the rice industry at Malacañan on Tuesday. During the meeting, Marcos assured the public that the Philippines’ rice stockpile remains robust and capable of sustaining the nation’s needs, despite potential challenges such as the El Niño phenomenon projected for the coming year.

To address the pressing concerns within the rice industry, Marcos committed to fostering intensified government-to-government collaborations with foreign partners.

Providing insights into the projected rice stock, DA Undersecretary Merceditas Sombillo revealed that the anticipated ending stock 2023 stands at 1.96 million metric tons (MMT), estimated to meet the nation’s rice requirements for 52 days.

Moreover, Sombillo highlighted that the Philippine Statistics Authority’s end-of-year projection presents an even more favorable scenario, projecting an ending stock of 2.12 MMT, sufficient for a 57-day period.

These ongoing negotiations and proactive efforts underscore the Philippine government’s commitment to ensuring a stable rice market and affordable staple food for its citizens.

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