Lorenzo said he already approved the request of the National Food Authority (NFA) to bring in the volume which will form part the country’s rice inventory for 2004.
"I have already approved the importation at my level but this will have to be backed by the President," said Lorenzo, adding that the volume may have to be shipped into the country prior to the upcoming national elections in May when rice prices are usually higher.
Rice imports are usually scheduled to arrive in the second quarter then released for distribution in the third quarter when local rice supply is tight.
The Philippines, a net importer of rice, bought 934,000 MT this year of which 646,000 MT were purchased by the NFA.
This year’s imports also included the 229,000 MT purchased by farmers, allowed for the first time under the Farmers As Importers (FAI) program to import rice.
The planned importation next year is lower than this year’s total importation as the Department of Agriculture (DA) is striving to increase local rice production to minimize dollar-draining imports.
Lorenzo however, could not yet be specific on next year’s rice production targets, saying the final figure will be determined early next year when the Bureau of Agricultural Statistics (BAS) comes ups with the actual rice production for 2003.
The BAS has projected rice production to hit 13.47 million MT this year, a minimal 1.4-percent rise from 13.27 million MT in 2002.
The third quarter 20 percent rice production growth boosted hopes of Lorenzo that yields for 2003 will surpass last year’s figures by at least 190,000 MT despite the unfavorable weather that hit most rice-producing regions in the country.
Production of palay, the country’s major staple was down by 5.13 percent to 5.381 million metric tons (MT) compared to 5.6 million MT in the first half of 2002. This was due to the drought that reduced harvest areas in the major rice-growing regions of Cagayan Valley, Central Luzon, Western Visayas, Bicol and Region 12 composed of North Cotabato, Sarangani, South Cotabato, Sultan Kudarat and Cotabato City.