Import ban hits rice forecast

The United States Department of Agriculture (USDA) has downgraded its projection for the Philippines’ rice imports this year by 500,000 metric tons (MT) due to the 60-day import ban that will come into effect beginning next month.

- By DEXTER BARRO II

In its latest report on global grains trade dated Aug. 12, the USDA’s Foreign Agricultural Service (FAS) estimated that the country’s rice imports will fall by nine percent to 4.9 million MT from an initial projection of 5.4 million MT.

The USDA attributed the decline to President Ferdinand Marcos Jr.’s announcement of a two-month suspension of the staple’s imports, which will begin on Sept. 1.