Philippines Initiates Talks with Vietnam and India to Lower Rice Prices
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The Philippines Department of Agriculture (DA) has embarked on negotiations with Vietnam and India in a bid to alleviate rice prices nationwide. With lower export quotations received from Vietnam, the Philippines aims to replicate this success in its dealings with India.
Domingo Panganiban, Senior Undersecretary of the Department of Agriculture, revealed that Vietnamese exporters have presented rice prices that are $30 to $40 lower than those offered to Filipino private traders. Additionally, collaborative efforts with the Government of India are underway to permit rice exports to the Philippines on humanitarian grounds. Panganiban believes that this initiative will facilitate more favorable terms for an additional 300,000 to 500,000 metric tons of rice importation projected for 2023.
The intended outcome of these negotiations is a twofold benefit: a reduction in prices and the reinforcement of the Philippines' national rice inventory. Remarkably, even without importation, this inventory is projected to sustain the country for a duration of 52 to 57 days. In recent discussions held at Malacañang, President Bongbong Marcos reassured officials and traders that the rice situation remains stable and manageable. He asserted that the Philippines possesses ample rice supplies to endure El Niño conditions into the following year.
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