Philippines to import extra 250,000 tons of rice

Reuters

Posted at Sep 05 2018 07:14 PM

MANILA - The Philippines will import an additional 250,000 tons of rice via an open tender, the state grains procurement agency said on Wednesday, as the government rushes to boost domestic supply and curb rising retail prices of the staple grain.

The decision comes as the country's annual inflation shot up to a faster-than-expected 6.4 percent in August, the fastest in nearly a decade, due in part to increases in key food items including rice. 

The additional rice purchase is on top of the 133,500 tonnes to be imported to address the thin supply in southern Philippine provinces, National Food Authority Spokeswoman Rebecca Olarte told Reuters.