Latest news with #FranciscoTiuLaurel
The Star
3 days ago
- Business
- The Star
Philippines suspends rice imports for 60 days, hitting Thai exporters
BANGKOK: Philippine President Ferdinand Marcos Jr announced after a Cabinet meeting that he would order a 60-day suspension of rice imports, from Sept 1 to Oct 30, to ease the impact of falling paddy prices during the harvest season. The move follows a proposal from Agriculture Secretary Francisco Tiu Laurel, who recommended a temporary halt to rice imports. The Philippine Department of Agriculture (DA) reported that the domestic rice market has been under pressure from cheap imported rice, forcing some traders to buy paddy from farmers at only 8–10 pesos per kilogramme, well below the production cost of 12–14 pesos per kilogramme. Farmers blamed the influx of cheap imports as the main reason for the depressed farmgate prices. According to the Thailand's Office of Commercial Affairs in Manila, the suspension applies to regular milled rice and well-milled rice, while basmati and other speciality rice varieties will be exempted. Industry stakeholders noted that reducing imports will increase reliance on domestic harvests, pushing farmgate paddy prices higher. However, retail rice prices are also expected to rise by about 1–2 pesos per kilogramme. Thai exporters hit by Philippine rice import suspension, Commerce Ministry eyes new markets - Photo: The Nation/ANN Arada Fuangtong (pic), Director-General of the Department of Foreign Trade at the Ministry of Commerce, said Thai rice exporters had reported that the Philippine government's decision to suspend rice imports would affect exports. Other rice-exporting countries would also face similar impacts, as pending orders might not be delivered before the Sept 1, 2025, deadline. She added that Philippine rice importers were discussing the matter among themselves and planned to petition the relevant authorities to allow flexibility for shipments already contracted, or alternatively to request that the suspension be lifted. Meanwhile, the Department of Foreign Trade is preparing measures to support Thai rice exports and secure new orders to absorb domestic output and generate income for farmers. These measures include expanding markets and strengthening trade relations to build confidence and boost Thai rice exports. Key initiatives include accelerating government-to-government (G2G) rice sales agreements, such as the remaining 280,000 tonnes under the contract with China's state-owned COFCO; promoting exports of white rice and parboiled rice to high-demand markets such as Bangladesh, Saudi Arabia, and Iraq; organising a trade mission to Japan from September 7–11, 2025; and hosting a delegation of Hong Kong rice importers in Thailand in November 2025. In addition, Thailand is promoting and publicising the image of Thai rice at international trade fairs to boost opportunities and expand export channels. The Thailand Rice Convention (TRC) roadshow is also being organised, featuring seminars for rice farmers to update them on global market demand trends. The aim is to encourage farmers to produce rice varieties that align more closely with international demand, with the programme scheduled for August. In 2024, Thailand exported rice to the Philippines worth US$333 million, a 58.69% increase from US$210.45 million in 2023. During the first half of 2025 (January–June), Thailand exported about 141,000 tonnes of rice to the Philippines, accounting for just 3.78% of the country's total rice exports. 'We expect overall Thai rice exports this year to reach the target of 7.5 million tonnes,' Arada said. - The Nation/ANN
The Star
02-06-2025
- Business
- The Star
Philippines eyes India, Thailand rice to cut Vietnam reliance
A man rests on sacks of rice along a street in Manila on May 9, 2024. Vietnam supplies 90 per cent of the Philippines' rice imports - AFP MANILA: The Philippines, the world's top rice importer, plans to look beyond its dominant supplier, Vietnam, to ensure steady supplies and competitive prices at home. The agriculture department is in talks with private importers on purchases from producers like India, Pakistan, Cambodia and Myanmar, Agriculture Secretary Francisco Tiu Laurel said in an interview on Friday (May 30). There may also be a "deal' with Indonesia and Thailand, he added. "We are trying to diversify sources to keep a level playing field,' Laurel said. Vietnam is "the most reliable' supplier, but the fact that its shipments account for 90 per cent of the Philippines' rice imports could be a "problem' in case of supply shocks, he said. The price of all rice varieties sold by Vietnam rose to a three-month high in April because of an "uptick in buying interest from domestic and offshore traders,' according to data from the UN Food and Agriculture Organisation. Affordable prices of the staple grain are central to the agenda of President Ferdinand Marcos Jr., who also helmed the agriculture department before appointing Laurel in November 2023. His government slashed import tariffs from 35 per cent to 15 per cent last year and declared a food security emergency in February to tame runaway prices. That's helped slow overall inflation to its lowest level since 2019, giving the central bank room to further cut interest rates. Laurel expects this year's rice imports will be lower than in 2024 and won't exceed 4.5 million tonnes. His outlook compares with a forecast from the US Department of Agriculture that sees the Southeast Asian nation importing 5.4 million tonnes in 2025. Domestically, the country is on track to produce a record of 20.46 million tonnes in rough rice output this year, the secretary said. Meanwhile, the Philippines is facing a 17 per cent duty on its goods to the US, the lowest rate in South-East Asia - after Singapore - under President Donald Trump's sweeping tariff agenda. Laurel said this presents an opportunity as it could make Filipino shipments to the US, particularly seafood products like tilapia and shrimp, more competitive than those of its neighbors. "If our competitors are slapped with higher tariffs than us, it's fine,' he said. - Bloomberg
Business Times
02-06-2025
- Business
- Business Times
Philippines eyes India, Thailand rice to cut Vietnam reliance
[MANILA] The Philippines, the world's top rice importer, plans to look beyond its dominant supplier, Vietnam, to ensure steady supplies and competitive prices at home. The agriculture department is in talks with private importers on purchases from producers such as India, Pakistan, Cambodia and Myanmar, Agriculture Secretary Francisco Tiu Laurel said on Friday (May 30). There may also be a 'deal' with Indonesia and Thailand, he added. 'We are trying to diversify sources to keep a level playing field,' Laurel said. Vietnam is 'the most reliable' supplier, but the fact that its shipments account for 90 per cent of the Philippines' rice imports could be a 'problem' in case of supply shocks, he said. The price of all rice varieties sold by Vietnam rose to a three-month high in April because of an 'uptick in buying interest from domestic and offshore traders', according to data from the UN Food and Agriculture Organization. Affordable prices of the staple grain are central to the agenda of President Ferdinand Marcos Jr, who also helmed the agriculture department before appointing Laurel in November 2023. His government slashed import tariffs from 35 to 15 per cent last year and declared a food security emergency in February to tame runaway prices. That's helped slow overall inflation to its lowest level since 2019, giving the central bank room to further cut interest rates. Laurel expects this year's rice imports will be lower than in 2024 and will not exceed 4.5 million tonnes. His outlook compares with a forecast from the US Department of Agriculture that sees the South-east Asian nation importing 5.4 million tonnes in 2025. Domestically, the country is on track to produce a record of 20.46 million tonnes in rough rice output this year, the secretary said. Meanwhile, the Philippines is facing a 17 per cent duty on its goods to the US, the lowest rate in South-east Asia – after Singapore – under US President Donald Trump's sweeping tariff agenda. Laurel said this presents an opportunity as it could make Filipino shipments to the US, particularly seafood products such as tilapia and shrimp, more competitive than those of its neighbours. 'If our competitors are slapped with higher tariffs than us, it's fine,' he said.
Mint
02-06-2025
- Business
- Mint
Philippines Eyes India, Thailand Rice to Cut Vietnam Reliance
(Bloomberg) -- The Philippines, the world's top rice importer, plans to look beyond its dominant supplier, Vietnam, to ensure steady supplies and competitive prices at home. The agriculture department is in talks with private importers on purchases from producers like India, Pakistan, Cambodia and Myanmar, Agriculture Secretary Francisco Tiu Laurel said in an interview on Friday. There may also be a 'deal' with Indonesia and Thailand, he added. 'We are trying to diversify sources to keep a level playing field,' Laurel said. Vietnam is 'the most reliable' supplier, but the fact that its shipments account for 90% of the Philippines' rice imports could be a 'problem' in case of supply shocks, he said. The price of all rice varieties sold by Vietnam rose to a three-month high in April because of an 'uptick in buying interest from domestic and offshore traders,' according to data from the UN Food and Agriculture Organization. Affordable prices of the staple grain are central to the agenda of President Ferdinand Marcos Jr., who also helmed the agriculture department before appointing Laurel in November 2023. His government slashed import tariffs from 35% to 15% last year and declared a food security emergency in February to tame runaway prices. That's helped slow overall inflation to its lowest level since 2019, giving the central bank room to further cut interest rates. Laurel expects this year's rice imports will be lower than in 2024 and won't exceed 4.5 million tons. His outlook compares with a forecast from the US Department of Agriculture that sees the Southeast Asian nation importing 5.4 million tons in 2025. Domestically, the country is on track to produce a record of 20.46 million tons in rough rice output this year, the secretary said. Meanwhile, the Philippines is facing a 17% duty on its goods to the US, the lowest rate in Southeast Asia — after Singapore — under President Donald Trump's sweeping tariff agenda. Laurel said this presents an opportunity as it could make Filipino shipments to the US, particularly seafood products like tilapia and shrimp, more competitive than those of its neighbors. 'If our competitors are slapped with higher tariffs than us, it's fine,' he said. More stories like this are available on
Bloomberg
02-06-2025
- Business
- Bloomberg
Philippines Eyes India, Thailand Rice to Cut Vietnam Reliance
The Philippines, the world's top rice importer, plans to look beyond its dominant supplier, Vietnam, to ensure steady supplies and competitive prices at home. The agriculture department is in talks with private importers on purchases from producers like India, Pakistan, Cambodia and Myanmar, Agriculture Secretary Francisco Tiu Laurel said in an interview on Friday. There may also be a 'deal' with Indonesia and Thailand, he added.
