PH Importers Delay Purchase of 350,000 Tons of Vietnamese Rice Amid Price Drop

Philippine rice importers have put off purchasing 350,000 metric tons of Vietnamese rice, citing ongoing price renegotiations after a steep decline in rice prices, according to a Reuters report referenced by “24 Oras Weekend.”

Why the Delay?

A Singapore-based grain trading executive revealed that buyers are unwilling to pay for rice at previously higher prices, given the recent price drop in Vietnam.

Meanwhile, Department of Agriculture (DA) spokesperson Assistant Secretary Arnel de Mesa suggested that the recent holidays in Vietnam may have also contributed to the delay.

PH Declares Food Security Emergency

On Monday, the Philippines declared a food security emergency on rice following a recommendation from the National Price Coordinating Council.

📌 This declaration allows the National Food Authority (NFA) to release rice buffer stocks to help stabilize prices.

Agriculture Secretary Francisco Tiu Laurel Jr. emphasized that the move ensures that rice remains affordable for millions of Filipinos.

Market Prices Still High

Despite lower production costs, President Ferdinand Marcos Jr. noted that market prices for rice remain high, prompting government intervention.