Thai private sector eyes new Philippine government's rice import practice

BANGKOK, May 27 (TNA) - The Thai Rice Exporters Association says that it is monitoring the new Philippine government's policy on rice imports, following reports that the new Philippine president plans to trade in rice only through government-to-government (G-to-G) deals. The association's honorary president, Chookiat Ophaswongse, told journalists on Friday that newly-elected Philippine President Rodrigo Duterte announced the policy during his vote campaigns, aimed to curb corruption in business-to-business rice deals. Chookiat said the Philippines' demand for white rice stands at about 1-1.5 million tons yearly and the country is likely to hold bidding contests for its rice imports of at least 500,000 tons in the rest of this year. Chookiat expressed his view that the Philippines should additionally import at least one million tons of rice for its food security due to drought, the situation of which could boost the prices of Thai rice, although the Philippines' rice imports have been already higher than those of competitors, including Vietnam. According to the Thai Rice Exporters Association's president, the price of Thai white rice stands at 420 US dollars per ton currently and that of paddy at 9,000-10,500 baht per ton, the prices of which have satisfied local farmers, millers and exporters, while Vietnam's white rice is priced at 370 US dollars per ton. The association's president foresaw that Thai rice exports should stand at 650,000-750,000 tons per month over the next 3-4 months and further rise late this year. The association's president assessed that the volume of Thai rice exports should reach 9-9.5 million tons this year as earlier targeted. Meanwhile, Thailand exported 3.5 million tons of rice, worth 1.5 billion US dollars or 54.9 billion baht, during the first four months of this year, a 26 per cent year-on-year surge, while the value of Thai rice exports increased by 16 per cent year-on-year during the same period. (TNA)