Philippines abandons timeframe for rice self-sufficiency
The National Food Authority, under Pangilinan's remit, has doubled the amount of cheap rice it is releasing into local markets to stabilize prices, and this will continue during the lean rice production season from July to September, he said.
And the country will likely buy rice early for next year.
"Before the end of the year, we should be able to discuss ... and look at initial numbers in terms of our requirements for 2015," he said.
Pangilinan wants the private sector to take the lead next year in importing rice, but he said the NFA would keep shipping in to bolster buffer stocks.
The Philippines will loosen restrictions on rice imports starting next year by reducing tariffs and increasing the volume the private sector is allowed to ship in.
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