Phl vows to contribute to Asean +3 rice reserves

MANILA, Philippines - The Philippines has pledged to contribute 12,000 metric tons (mt) of rice to the ASEAN + 3 rice reserve scheme, National Food Authority (NFA) administrator Angelito Banayo said.

But he pointed out that while the Philippines has pledged to contribute to the regional rice reserve scheme, “we are more likely to use these ourselves.”

The Philippines, he said, “has been a recipient country and not a donor.”

In a meeting earlier this month of ASEAN trade ministers in Vientiane, Vietnam, the ASEAN and its three dialogue partners Japan, China and South Korea, agreed to contribute a total of 787,000 mt of rice to the rice reserves.

The original 10 ASEAN members would contribute a total of 87,000 M; Japan would contribute 250,000 MT, China, 300,000 MT; and South Korea, 150,000 MT.

During the meeting, the ASEAN members and its three dialogue partners agreed on the need to establish rice reserves and to work together to stabilize rice prices.

It was also agreed not to commit the same mistakes in 2008, the last global food price crisis, of making any “sudden and demonstrative procurements” that could trigger panic buying in the rice market.

The Philippines, in 2008, had been criticized for unduly pushing up rice prices for buying up to 2.34 million MT.

Thus, this year, the Philippines has been very careful in making announcements in its projected rice purchases.

In fact, even in the face of growing global concern about food security, the Philippines is opting to lower its rice imports, announcing only an initial importation of 860,000 MT even though it has the mandate to import up to 1.3 million MT.