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PHILIPPINES : ADD RICE TO STABILIZE DOMESTIC MARKET

( Update: 08/01/2018 )

Philippines : Add rice to stabilize domestic market
Domestic prices are rising continuously increasing pressure on the Philippine government to import more rice to stabilize domestic markets and curb inflation stands at its highest level in two years.

According to the Philippine Bureau of Agricultural Statistics , the average retail price of rice in the month of 2/2014 in the Philippines has increased 1.2 % compared with January to 40.12 pesos / kg ( $ 0.9 ) , up 13.7 % compared to the same period last year .

6 In recent weeks , the price of rice in the Philippines has continued to increase . This is increasing pressure on the Philippine government to import more rice to stabilize domestic markets and curb inflation stands at its highest level in two years.

During bumper harvests in other countries have pushed world rice market into oversupply , the price of rice in the Philippines increased approximately 4 % in the past three months due Haiyan hurricane destroyed the main rice-growing region and by the government has stepped up measures to curb rice smuggling .

In this context , a spokesman for the National Food Authority ( NFA ) of the Philippines Rex Estoperez said since the end of January , the government has doubled the amount of marketed rice from the national stockpile to stabilize the prices of essential consumer goods this .

The move of the Philippine government has rice in NFA warehouses earlier this year dropped to around 275,000 tonnes , equivalent to 8 days of use , only by nearly half compared with normal .

He also stated Estoperez anti-smuggling measures of the Government are pushing prices higher . Philippine Customs has taken many measures to curb rampant smuggling by some importers seeking to evade import tax (about 40 % ) and avoid the quota system of the country .

According to Reuters , the Philippines - one of the largest rice importer in the world - enhanced rice imports will help reduce excess supply globally . USDA forecasts 2014, the Philippines will import about 1.4 million tonnes , the highest level in 4 years. / .

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