NFA is set to send the letter of invitation to the governments of Thailand and Vietnam for the supply of 250,000 MT of 25 percent brokens long grain white rice well-milled. The P6.1 billion budget estimate is based on the average prevailing world market price of rice and foreign exchange rate at P53 per dollar. President Duterte used his emergency power to bring in much-needed rice into the country to replenish NFA’s rice buffer stock. While the interagency council preferred the government-to-private (G2P) scheme, G2G is the best option right now to immediately replenish stocks of cheap rice in the market and stabilize prices of commercial rice. The emergency import is also on top of the earlier approved 250,000 MT of rice via G2P.

Source: Philippine Star April 10, 2018 15:45 UTC