The government of Philippines is likely to import a record volume of rice this year after a government panel raised the import limit to more than 3 million MT from 2.4 million MT, as an ongoing dry spell threatens crops across the country.
An inter-agency committee determines the volume of grain that state agency National Food Authority (NFA) can import. The Philippines has so far contracted 2.25 million MT from four tenders last year for delivery until June.
Experts however feel that increasing demand from Manila was unlikely to trigger any steep rise in grain prices given abundant supply from Thailand and Vietnam, the world's top two rice exporters.
Philippines only bought 1.775 million MT in 2009, of its option of 2.4 million MT, while imports in 2008 reached a record 2.3 million MT that was below the limit of 2.7 million MT set by the inter-agency committee.
An inter-agency committee determines the volume of grain that state agency National Food Authority (NFA) can import. The Philippines has so far contracted 2.25 million MT from four tenders last year for delivery until June.
Experts however feel that increasing demand from Manila was unlikely to trigger any steep rise in grain prices given abundant supply from Thailand and Vietnam, the world's top two rice exporters.
Philippines only bought 1.775 million MT in 2009, of its option of 2.4 million MT, while imports in 2008 reached a record 2.3 million MT that was below the limit of 2.7 million MT set by the inter-agency committee.
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