MANILA— The Philippines, one of the world’s biggest rice importers, has enough supply of the staple grain as it enters the third quarter of the year, the president’s office said on Tuesday.
The government expects a “bountiful harvest” for the January-June period rice planting season, Agriculture Undersecretary Leo Sebastian, who heads the ministry’s rice industry program, said in a statement.
Paddy rice output in the first half of the year is expected to increase around 6% to 8.6 million metric tonnes versus the year-earlier volume of 8.1 million metric tonnes, Sebastian said citing government estimates.
Sebastian said that volume, together with an estimated carry-over stock of 1.8 million metric tonnes of milled rice and imports totaling 1.8 million metric tonnes, is enough to fill the domestic demand estimated at 7 million metric tonnes from January to June.
“By the end of June, the stock available will be good for more than two months, in addition to the incoming supply from the new harvest and import arrivals in the coming months,” he said.
As top rice exporters including Vietnam – the Philippines‘ main supplier – saw rates for the grain advance last week to a more than two-year peak amid supply concerns and continuing high demand, Sebastian said they expect prices to eventually stabilize.
—Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Martin Petty
