According to a report by the US Department of Agriculture's Foreign Argiculture Service, the Philippines' rice imports this year are at 4 million tons, instead of the forecast level. The previous 4,1 million tons, as the Philippines' domestic rice production is expected to meet the slight increase in domestic consumption demand.
According to the provisions of Order No. 50 issued by President Ferdinard R. Marcos Jr. signed, rice from countries importing to the Philippines is currently subject to a 35% import tax rate and this rate will apply until the end of 2024 (will be reviewed in December 12).
According to data from the Department of Plant Affairs - Ministry of Agriculture of the Philippines, as of March 07, 3, the Philippines imported a total of 2023 tons of rice. As always, Vietnamese rice accounts for the majority, with a volume of 793.753,49 tons, accounting for 431.846,72%, followed by Thailand with 54,41 tons, accounting for 210.127,38%. Thus, in the first quarter of 26,47, the amount of Thai rice imported into the Philippine market increased compared to before. This is a signal and a warning for Vietnamese rice in the Philippine market when Thai rice begins to increase its market share.
The US Department of Agriculture predicts that Philippine rice production will reach 12,125 million tons due to the prediction that El Niño will subside in April and May 4, as well as the Government Program to support the rice industry rice in increasing the use of fertilizers and good seeds. The Philippine government, through the Department of Agriculture, has supported 5 billion pesos for rice growers across the country, this amount is much higher than the 2024 billion pesos that the Department of Agriculture has given. receive and deploy support for rice growers in 30,8. With increased support from the Government, Philippine rice productivity and output will also increase. In 15,8, Philippine rice production will reach 2022 million tons for the first time (specifically 2023 million tons), an increase of 20% compared to 20,06 and surpassing the peak reached in 1,5 of 2022. 2021 million tons.
