THE US Department of Agriculture (USDA) said it lowered its Philippine rice import forecast by 2.13% to 4.6 million metric tons (MMT) this year due to weaker-than-expected purchases of Vietnamese rice.
In its latest Grain: World Markets and Trade report, the USDA said it downgraded its 4.7 MMT estimate issued in July.
Rice imports have totaled 2.49 MMT as of Aug. 1, according to the Bureau of Plant Industry.
It added that global production may likely be lower due to reduced output in Myanmar, Malaysia, Vietnam, and the Philippines.
The USDA is projecting milled rice production for the Philippines of 12.3 MMT.
At a budget hearing on Monday, Agriculture Secretary Francisco P. Tiu Laurel, Jr, said that the Department of Agriculture (DA) is projecting rice imports of 4 MMT in 2024.
For 2025, the USDA has a Philippine rice import estimate of 4.6 MMT.
In June, President Ferdinand R. Marcos, Jr. signed Executive Order (EO) No. 62 which lowered the tariff on imported rice to 15% from 35% until 2028. The new tariff regime is subject to review every four months.
The EO is expected to reduce the retail price of rice by P6 to P7 per kilogram, according to the DA.
The USDA said that global imports are expected to decline due to reduced purchases by the Philippines and Brazil.
It added that domestic production for 2025 will come in at about 12.7 MMT in milled rice equivalent. — Adrian H. Halili
