Saturday, December 28, 2024

PH, Pakistan see million-ton rice deal by June 2025

Manila and Islamabad are assured that they might seal a deal by June 2025 if not earlier, by means of which Pakistan will ship to the Philippines at the very least 1 million metric tons (MT) of milled rice to enhance the archipelago’s provide.

In an announcement on Friday, the Division of Agriculture (DA) mentioned it hopes a memorandum of understanding (MOU) between each events will probably be finalized by the primary half of 2025.

READ: PH eyes take care of India, Pakistan on rice imports

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In response to Agriculture Secretary Francisco Tiu Laurel Jr., he met lately with Pakistan’s Ambassador to Manila Imtiaz Kazi, who proposed such a quantity “at a aggressive value.”

A million MT is a few quarter of the Philippines’ rice import wants.

In response to the DA, the Pakistani envoy sought affirmation on the continuation of the lowered tariff on rice imports, which Tiu Laurel mentioned might be prolonged till 2028 “if deemed vital.”

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15% tariff

President Marcos signed final June Government Order (EO) No. 62, which lowered import duties on milled rice to fifteen % till 2028 from 35 % beforehand to handle meals costs whereas tempering the inflationary stress on varied commodities.

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EO 62 requires a periodic evaluate of rice tariffs each 4 months, as directed by the President. Relying on the evaluation, the 15-percent tariff on rice could also be retained, elevated or decreased. However Tiu Laurel mentioned lately the DA won’t suggest elevating the import duties on imported rice anytime quickly.

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The announcement got here after the DA disclosed it’s negotiating with Pakistan and India to safe a “steady provide” of two million MT of rice, in a transfer to create a stage enjoying area amongst rice-supplying nations.

“We wish them to compete for our market,” Tiu Laurel mentioned earlier, including the company was engaged on the same association with India.

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Final November, the Pakistani envoy mentioned that his nation, the third-largest provider of imported rice to the archipelago, sought to extend its share within the native rice market by means of a partnership with the Philippines on rice importation.

Again then, Kazi mentioned merchants from Pakistan search “stability and certainty” on the amount of rice to be shipped to the Philippines, citing fluctuating tariffs levied by the federal government and aggressive world costs.

“We wish to improve that share, supplied we will additionally present [a] steady good provide of rice and that will depend on mutual concessions for one another, which signifies that the Philippines ought to assure us that they need this a lot rice yearly,” he added.

Pakistan has been exporting rice to the archipelago since 2019, the 12 months rice buying and selling within the Philippines was liberalized.

The Philippines’ different sources of rice imports are Vietnam, Thailand, Myanmar, India, China, Japan, Cambodia, Italy and Spain.

Vietnam stays the main exporter of rice to the Philippines with 3.44 million MT, accounting for 76.7 % of the 4.48 million MT of rice sourced from overseas as of Dec. 12, knowledge from the Bureau of Plant Trade confirmed.



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On the identical time, Thailand and Pakistan provided 567,913.22 MT and 244,859.48 MT, respectively.


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