Philippines, the worlds top rice importer, may soon have to pay more for imported rice as its two biggest suppliers for the staple, Vietnam and Thailand, will both see lower production this year.
Philippines, the worlds top rice importer, may soon have to pay more for imported rice as its two biggest suppliers for the staple, Vietnam and Thailand, will both see lower production this year.
Two separate reports prepared by United States Department of Agricultures (USDA) Foreign Agricultural Service (FAS) showed that Vietnams paddy production will go down during the current market year (MY), while Thai rice exports are forecast to tumble further in 2020, dropping to the lowest level in seven years due to production decline and stiffer global competition.
This is bad news for the Philippines, said Federation of Free Farmers (FFF) National Manager Raul Montemayor. As prices of imported rice increase, the country may eventually succumb to higher prices amid insufficient local palay production.
See full article at Manila Bulletin
