Philippine President Ferdinand Marcos Jr has ordered to extend the country's ban on rice imports beyond 60 days, his office said on Friday, but it did not specify how long the extension would last.
Marcos had earlier ordered a 60-day suspension of rice imports starting from September 1 in an effort to protect farmers during the local harvest and keep rice prices in check. The order covers the import of regular milled and well-milled rice and excludes varieties not commonly produced locally.
"Under the President's directive, the two-month import suspension will be extended," the Presidential Communications Office Undersecretary Claire Castro told a press briefing.
The Philippines, one of the world's largest rice importers, shipped in 4.8 million metric tons of rice last year, mostly from Vietnam and Thailand.
Agriculture Secretary Francisco Tiu Laurel has said he plans to recommend to the president that the moratorium should be extended by another 15 to 30 days, and that the ministry was also looking at increasing tariffs on imported rice.
The annual rate of increase in rice prices in the Philippines hit a 15-year high of 24.4% in March last year, but has since reversed course and declined by 17% in August. It helped to tame inflation, which averaged 1.7% in the eight-month period, below the government's 2.0% to 4.0% target.
The Philippines has lowered tariffs on rice and extended existing tariff cuts on some other commodities to combat inflation and ensure supplies are ample.
(Reuters)