Philippines' rice imports hit record high in 2024

The Philippines' rice imports in 2024 rose to a new all-time high of almost 4.7 million metric tons as the country turned to foreign supplies to plug its shortfall in domestic stocks and temper retail prices of the staple.

The figure was nearly 30% higher than the 3.61 million metric tons recorded in 2023, based on Bureau of Plant Industry (BPI) data.

Vietnam maintained the country’s top rice supplier, cornering three-fourths of the total import volume or about 3.56 million metric tons. It was followed by Thailand at 598,157 metric tons and Pakistan at 283,517.

The Philippines also imported rice from other countries, including Myanmar, India, China, Japan, Cambodia, Italy, and Spain.

Government officials earlier attributed the increase in rice imports to the need to beef up domestic supplies amid the extreme weather conditions faced by farms in the first half of last year.

The lowering of rice tariffs to 15% from 35%, as ordered by President Ferdinand Marcos Jr. through Executive Order 62, also contributed to the increase in import volume as it encouraged private entities to purchase more abroad. The economic measure was intended to temper and prevent further spikes in retail rice prices that have been identified as one of the culprits behind faster inflation in the country in 2023.

As of December 1 last year, nationwide rice inventory expanded by more than a third on an annual basis to a two-year high of over 2.5 million metric tons, it said.