A new report by the US Department of Agriculture (USDA) forecasts that the Philippines may import 4.6 million metric tons (MT) of rice in 2024, up by 9.52 percent from the previous estimate of 4.2 million MT.
The June issue of the global grains report published by the USDA shows that the Philippines’ increasing population and rising consumption would account for the projected increase in imports.
The new estimates also project a 100,000-MT increase in Philippine rice imports in 2025.
It says that the reduction of rice duties by more than half, from 35 percent to 15 percent, also affects the volume of inbound rice as this would allow liberty for importers to bring in more grains.
The Philippines, a net importer of rice, produced a record harvest of 20.06 million MT of rice in 2023. Production forecast for 2024 is higher by 1.6 percent at 20.4 million MT.
Previous assumptions placed lower imports in 2024, owing to a robust 2023 harvest.
The report says that while global rice production and exports remain relatively unchanged, import projections have risen significantly, primarily due to anticipated increases in imports by the Philippines and Kenya.
The Philippines’ continued role as the world’s top rice importer reveals the need for long-term strategies to ensure food security, it says.
It says that while import diversification and tariff adjustments offer some solutions, continued investments in domestic rice production and consumption management will be crucial for the country’s long-term food sustainability.
