Marcos welcomes rice deal with Vietnam
PRESIDENT Ferdinand Marcos Jr. welcomed the five-year rice importation deal proposed by Vietnam, saying it would help stabilize the supply of the staple grain in the country.
The Presidential Communications Office said the issue of rice importation was raised during Marcos’ bilateral meeting with Vietnamese Prime Minister Pham Minh Chinh at the sidelines of the 43rd Asean Summit in Jakarta, Indonesia on Thursday.
The Vietnamese leader was quoted to have suggested a five-year agreement on rice importation, which Marcos immediately agreed on, saying the scheme would result in rice supply stabilization not only for the Philippines, but for the entire region.
“We will work continuously. We have managed what we have before [inaudible] to an agreement in terms of the rice importation by the Philippines and I am very confident that we will once again come to a consensus and agree,” the President, who also concurrently seats as head of the Department of Agriculture (DA), said.
Chinh vowed that they would work with their counterparts in the Philippines in forging the agreement.
The President said he looks forward to the deal being finalized, considering the volatile prices of rice in the local market and the threats posed by the El Niño phenomenon.
“We hope that we can find an agreement so that there will be an exchange,” he said.
Vietnam has exported 4.84 million metric tons of rice worth $2.58 billion to the Philippines from January to July 2023.
In August, Marcos ordered the DA to negotiate with Vietnam and India regarding rice imports.
Vietnamese traders have reportedly given price quotations that are $30-40 lower than what was previously estimated in their meeting with DA officials in the Palace in August.
This is seen to pave the way for the importation of 300,000 to 500,000 metric tons (MT) of rice, beefing up the national inventory to last for 52 to 57 days by the end of 2023.
Marcos also discussed with Chinh the possibility of a fishery and maritime cooperation with Vietnam.
“That’s why the agreement that we are proposing is very important because it should not limit itself only to security and defense issues but also on fishing rights,” the President said.
“So, again, we have an understanding between the two countries so that we will not have any problems between your fishermen and ours,” Marcos told Chinh.
