Philippines’ rice industry in danger of being ‘drowned out by cheap imports’: report
“The Philippines became the world’s top rice importer in 2024, with imports hitting a record 4.7 million metric tons. In March last year, the annual rate of increase in rice prices hit a 15-year high of 24.4 per cent. Households were badly hit in the country, where rice is a staple.”
“Decades of unchecked land conversion, which saw farmland subdivided and replaced with commercial real estate, have also exacerbated import reliance – causing the loss of 3.3 million metric tons in potential milled rice annually.”
“In February, Philippine authorities declared a food security emergency, allowing the government to release buffer stocks, in a bid to bring down rice prices.”
“Two months later, the government announced it would sell some of its rice inventories at heavily subsidised prices. The subsidy programme will run until December.”