PH rice industry group eyes 200,000 MT of US rice yearly by 2028

The Philippines could import up to 200,000 metric tons (MT) of rice annually from the United States starting in 2028 under a recently signed memorandum of understanding (MOU) between rice industry groups from the two countries.

USA Rice and the Philippine Rice Industry Stakeholders Movement (PRISM) signed the agreement, which could purportedly pave the way for rice imports from the US as early as 2027.

Under the MOU, PRISM could procure 100,000 MT of bagged or bulk rice from the US in 2027, with the volume increasing to 200,000 MT annually beginning in 2028.

"Rice has a historic role as a part of the U.S.-Philippine relationship, so I was happy to sign this agreement here that recognizes our history and moves our industries forward," USA Rice president and CEO Peter Bachmann said in a statement.

"This agreement encourages Filipino buyers to consider another reliable, high-quality source of supply as they manage their reserves, and it could give U.S. growers and millers renewed access to an important market at a time when we are in dire need of viable markets," he added.

Vietnam remains the Philippines' leading rice supplier.

The agreement could also revive US rice exports to the Philippines, which previously imported American rice through the National Food Authority from 1999 to 2007, the groups said in a statement.

"We are very happy to be working with the U.S. rice industry to facilitate trade with the Philippines and look for the many ways our industries can work together," PRISM co-founder Rowena Del Rosario-Sadicon said.—MCG, GMA News

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