Huge rice imports won’t burden weak peso - Central bank reveals it has sufficient forex reserves

Men pull a trolley of agricultural products along a street in Manila on May 9, 2024. (Photo by JAM STA ROSA / AFP)

MANILA: There’s a minimal risk that the projected increase in inbound shipments of rice as a result of lower tariffs on the commodity will bloat the country’s total import bill and add pressure on the already volatile peso, analysts say.

This, while the Bangko Sentral ng Pilipinas (BSP) assured the public that it has enough reserves to defend the currency from “temporary” weakness.