News

Due to the decreasing per capita rice consumption and declining population in South Korea, the government has introduced an incentives program to encourage farmers to switch from planting rice to other grains.

According to Customs Assistant Commissioner Vincent Philip Maronilla, the Philippines is seeing the same volume of inbound shipments of rice despite the current global rice shortage.

Production of unmilled rice, known as palay in the Philippines, is projected to reach a high of 20 million metric tons this year, according to the Department of Agriculture. If the number is achieved, it will set a record high in the Philippines.

Earlier in the year, India banned exports of non-basmati white rice, citing the need to protect supply and prices in the country. After months, the government is now allowing shipments once more, however it is limited to seven countries.

Rice prices all over the globe are skyrocketing due to climate disruptions and other extreme weather conditions. In the ASEAN region where rice is a staple, countries have started implementing protectionist measures to prevent food scarcity, however, experts say that the policies may only exacerbate conditions.

The Foreign Agricultural Service (FAS) of the US Department of Agriculture published a report titled Global Agricultural Information Network, stating that the rice production in Japan is predicted to fall to 7.3 million tonnes due to various factors.

The Monetary Board of the Bangko Sentral ng Pilipinas is set to meet and discuss the current policy interest rates. A report by HSBC Global Research states that the MB may hike the rates due to the increasing prices of rice globally.

The Golkar Institute in Jakarta, Indonesia held a Presidential Lecture Series and invited former Philippine president Gloria Macapagal Arroyo to be a guest speaker. In the event, Arroyo delivered a lecture that focused on food security.

The Philippines and Vietnam are in talks to sign a 5-year rice trade agreement amid rising global rice prices. According to the two countries, the rice trade will ensure food security for the Philippines.

The International Rice Research Institute is building a new facility called the Speed Breed Facility where new rice varieties can develop and grow faster than normal. The facility is scheduled to be completed in early 2024.