"We have to review that," Agriculture Secretary Proceso Alcala told reporters. "Our production is very strong." Global rice prices are widely forecast to remain steady over coming years because of ample supplies and lower demand from some major importers, such as the Philippines, which was the world's biggest rice buyer in 2010.
With rice production in the Philippines in 2012 and 2013 expected to hit record-high levels of 18 million tonnes and 20 million tonnes, respectively, Alcala was optimistic the country would not need to buy rice next year. Manila bought 500,000 tonnes this year, after importing 860,000 tonnes last year. Favourable weather and government spending to improve irrigation and other agricultural infrastructure were helping to boost the local harvest.
"I think only bad weather will be the hindrance for us to become self-sufficient," he said, adding the Philippines could even start exporting some of its special rice varieties next year to the United Arab Emirates and the United States. There are some doubts, however, that the Philippines can attain rice self-sufficiency by next year. In September, Asian Development Bank economist Giap Minh Bui said it was not possible because of insufficient infrastructure to boost local production. Vietnamese rice prices dipped last week on concern thin demand could fall further in the next few months if no fresh demand emerges to absorb the new crop early next year.