Phl to benefit the most from India's rice plan

Retailer DALI Everyday Grocery is keeping its mouth shut amid accusations of copyright infringements on the company.

- KEISHA TA-ASAN

In a report, Nomura said India may ease its rice export restrictions in the coming months due to expectations of a good harvest, ample rice buffer stocks and softening rice price inflation in India.

If implemented, easing of restrictions should help cool down global rice prices since India accounted for 35 percent of global rice exports before its export bans were implemented.

"We expect the Philippines to be the biggest winner in Asia, given the high share of rice in its CPI (consumer price index) basket, its dependence on rice imports and recent rice import tariff reductions," Nomura said.

Since late 2022, India has banned exports of its non-basmati rice in a bid to ensure local food security and mitigate rising prices. However, the move pushed up global rice prices and hurt rice-importing nations globally.