00:00Importation of the country's leading agricultural products continues to decline,
00:05such as rice.
00:06This is what Vell Custodio reported.
00:10The need for importation in the Philippines is getting smaller this year.
00:14Importation of some of the country's leading agricultural products
00:19according to the Department of Agriculture is also declining.
00:21As of March 13, import of rice was 641,000,
00:25which is almost half of the importation in the past year at the same time,
00:29which is 1.2 million metric tons.
00:31Plus, the expectation that the harvest will be good this year.
00:35The DA also reiterated several effective market reforms
00:39to lower and stabilize the price of rice in the market.
00:42The departure of India from the import ban on non-basmati white rice,
00:48plus the aggressive actions of the DA and of course the Secretary,
00:54in the MSRP, plus the control of smuggling, hoarding,
00:59and the real rotation in the markets.
01:04The need for imported rice is now becoming predictive.
01:10Because of this effort, the Philippines International is also giving recognition
01:15as one of the major reasons for lowering the price of rice in the world market.
01:20According to an Indian-American agriculture economist
01:23and award-winning global food innovator,
01:25Sisamarin Domohanty,
01:27the reforms in the Philippines and India in the last half of 2024
01:31have an effect on the global market for rice.
01:34The fulfillment of the Philippines in the MSRP
01:37and the decision of India to withdraw from the export ban for a long time
01:41is giving a big boost to lower the price of rice in the global market.
01:47Based on the latest data,
01:4818% of the rice price in the world was lowered
01:52and it is expected to continue to lower this year.
