MANILA: The Philippines plans to broadly extend its ban on rice imports until April to support farmers in the world’s biggest buyer of the grain, a move that’s likely to put further pressure on global prices.
The Southeast Asian nation will only allow inbound shipments for about a month in January, when it needs to bring in at least 300,000 tons of the grain from overseas, Agriculture Secretary Francisco Tiu Laurel Jr. told lawmakers at a hearing at the House of Representatives on Monday. The restriction, which was supposed to last for just 60 days, started on Sept. 1.
Manila’s move to extend the curb aims to protect local farmers, especially during the peak harvest season. But globally, it could help keep supplies high and push prices even lower for a crop that feeds billions across Asia and Africa and provides as much as half of the daily calorie needs for people in parts of Southeast Asia.
Asia’s benchmark rice price recently fell to an eight-year low, helped by strong monsoon planting in top exporter India. Global production is expected to rise, with the United Nations’ Food and Agriculture Organization projecting a record 556.4 million tons in the 2025-26 season, which would further lift stockpiles.
By the end of September, the Philippines had imported 3.5 million tons of rice, about 800,000 tons more than what was needed, Tiu Laurel said. The country was projected to buy 5 million tons of rice in the 2025-26 season, topping purchases by importers such as China, the US Department of Agriculture forecast last month. - Bloomberg
