The Rice Watch and Action Network on Wednesday warned that unless the government acts now pries of commercial rice could reach P40 per kilo in the next few months, as the Philippines faces serious rice supply crisis due to dwindling domestic production.
The Department of Agriculture announced Wednesday that the Philippines signed a deal to import rice from Vietnam to boost local reserves at a time of rising prices and shrinking global stocks.
The Agriculture Department says rising demand in the Middle East and Africa has increased the prices in Vietnam and Thailand - the world's top exporters - to up to $500 per metric ton, a 25 percent jump in just the last month.
The government plans to increase local production by planting an additional 600,000 hectares (1.5 million acres) of rice during the rainy season in the country's 10 poorest provinces and another 500,000 hectares (1.2 million acres) in other provinces. -GMANews.tv
The government plans to increase local production by planting an additional 600,000 hectares (1.5 million acres) of rice during the rainy season in the country's 10 poorest provinces and another 500,000 hectares (1.2 million acres) in other provinces. -GMANews.tv
