Philippines increases Vietnam rice imports to curb record prices

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The Philippines will boost rice imports from Vietnam to a total of 1 million metric tons this year as Asia’s second-biggest buyer battles retail prices that have surged to a record.

State agency National Food Authority will continue to supply increased amount of subsidized rice to the market from its reserves until September, Francis Pangilinan, secretary for food security, said in a statement today. The NFA will order 200,000 tons from Vietnam, the world’s third-largest exporter, in addition to the 800,000-ton contract in April, scheduled for delivery from May to August, he said.

The country plans to ease import curbs as it fights rising prices and to limit the NFA’s losses, Economic Planning Secretary Arsenio Balisacan said this week. President Benigno Aquino is seeking to curb inflation running at the fastest pace since November 2011, boosted by the higher cost of rice, a staple in the country. The Philippines will import 1.8 million tons in 2014-2015, down from 2 million tons in 2013-2014, according to the U.S. Department of Agriculture.

Retail prices of the well-milled variety rose 20 percent from a year earlier to 42.67 pesos ($0.97) a kilogram in the second week of June, according to the Bureau of Agricultural Statistics. The Thai 5-percent broken white rice, an Asian benchmark, dropped 22 percent in the past year to $408 a ton on June 25, Thai Rice Exporters Association data show. Vietnam is set to be the biggest shipper in 2013-2014 after India and Thailand, according to the USDA.

The Southeast Asian nation increased the quota for lower-duty imports to 805,000 tons this year from 350,000 tons in 2013, Romeo Recide, the country’s lead negotiator at the World Trade Organization, said June 26. The WTO’s committee on trade in goods also granted the country’s petition to extend the quantitative restrictions on rice imports until 2017.

 

 

 

 

 

Source : Thanh Nien News | June 28, 2014

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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