Philippines must import rice as El Nino looms, may look to India: Marcos
Business
Island nation traditionally imports the staple food from Vietnam which is itself a victim weather
MANILA (Reuters/Web Desk) – Philippine President Ferdinand Marcos Jr said on Saturday his country must start importing rice to prepare for the impact of El Nino dry weather conditions on the local harvest, and may seek a supply deal with India.
"I'm thinking about the national supply for rice," Marcos told officials in the northern province of Cagayan, where he went to assess the damage from Typhoon Doksuri.
Marcos, who is also agriculture secretary, expressed concern about the global supply situation. "Everybody is preparing for El Nino, all of Southeast Asia."
The Philippines, one of the world's biggest rice importers, traditionally buys rice mainly from its neighbour Vietnam which is itself a victim of El Nino, thus reducing the Southeast Asian country’s rice production and exports.
Read more: Food security? Global rice market set for govt deals as India's ban curbs supplies
"I think we can make a deal with India. Maybe there's someone there we can talk to," Marcos said.
FOOD INFLATION
The statement comes as the world is juggling with multiple challenges – record-high inflation and interest rates, reducing the purchasing power especially of low-income groups; depreciating currencies of developing and underdeveloped nations; and global warming-induced weather changes further exacerbating the problems related to agri supply chain from cultivation to market.
Meanwhile, India, which accounts for over 40 per cent rice exports, has already restricted shipments abroad because of less production and the risk of inflated prices at home after extreme weather disrupted the sowing season – a move with the obvious consequence of hiking rice prices around the globe.
Read more: Global prices to go up as India's rice-export curbs put contracts for 2m tons at risk
On the other hand, the effects are not just limited to rice as prices of all food items, including vegetables is on the rise for the same reason.
Read more: Vegetables in India becoming costlier as Pakistan already witnesses record-high food inflation
It is El Nino whose effects in the shape of less and erratic rains and heat waves have increased the risk of food insecurity amid the Ukraine crisis that has already reduced the grain supply to the poor nations.
However, it is global warming or climate change that is reflecting itself in the shape of El Nino with Asia facing the brunt of the devastating consequences of man-made disaster, while the entire world is facing unprecedented food inflation.
