00:00Meanwhile, the reforms implemented by the Agriculture Department, especially in the supply and price of rice, are bearing fruit.
00:09In fact, the so-called rise of the government is being fought by an international economist
00:16who became the reason for calling the Philippines a game-changer in the global rice market.
00:22Vel Custodio, in the center of the news.
00:25The need for importation in the Philippines is shrinking this year.
00:32Importation of their primary agricultural products is declining, according to the Department of Agriculture.
00:39As of March 13, 641,000 tons of rice were imported,
00:42which is almost half of the importation of 1.2 million metric tons last year.
00:49Plus, the expectation is that the harvest will be good this year.
00:53The DA also suggested several effective market reforms to lower and stabilize the price of rice in the market.
01:00The departure of India from the import ban on non-basmati white rice,
01:06plus the aggressive actions of the DA, of course the Secretary,
01:12on MSRP, plus the control on smuggling, hoarding, and the real movement in the markets.
01:22The need for imported rice is now becoming predictive.
01:28Because of this effort, the Philippines is also being recognized internationally
01:33as one of the major reasons for lowering the price of rice in the world market.
01:38According to an Indian-American agriculture economist and award-winning global food innovator,
01:43Samarindo Muhante, the reforms in the Philippines and India in the last part of 2024
01:49have an effect on the status of the global rice market.
01:52The implementation of MSRP in the Philippines and the decision of India to remove the long-term restriction on export
01:59is giving a big boost to lower the price of rice in the global market.
02:04Based on the last part, 18% of the rice price in the world was lowered,
02:10and it is expected to continue to go down this year.
02:13Vel Custodio for Pambansang TV in Bagong, Philippines.
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