Phl to import 5 MMT rice

Five million metric tons. Or five billion kilograms. That is the total volume of rice that the Philippines may import this year, according to the latest projections of the United States Department of Agriculture (USDA).

-  JASPER EMMANUEL ARCALAS

Five million metric tons. Or five billion kilograms.

That is the total volume of rice that the Philippines may import this year, according to the latest projections of the United States Department of Agriculture (USDA).

The USDA, in its November report, hiked its full-year rice import forecast for the Philippines by six percent to five million MT from its 4.7-million MT estimate in the previous month.

The international agency attributed the increase to rising purchases of rice by the Philippines from Vietnam to meet its growing demand for the staple.

If the import forecast materializes, then it will be the first time in history that the Philippines will be importing such a volume of rice since the liberalization and deregulation of the country's domestic rice industry in 2019.