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MANILA, Philippines 鈥� Vietnam has assured Filipino lawmakers that the Philippines will be supplied with affordable rice, House Speaker Ferdinand Martin Romualdez said.
On Monday, Romualdez鈥檚 office released a statement saying that the Speaker met with the National Assembly of Vietnam president Vuong Dinh Hue on Sunday, on the eve of the 44th Asean Parliamentary Assembly (AIPA) general assembly in Jakarta, Indonesia.
鈥淪peaker Ferdinand Martin G. Romualdez on Sunday secured the commitment of Vietnam to provide the Philippines with a stable supply of rice at affordable prices in affirmation of the strong, friendly relations between the two countries,鈥� Romualdez鈥檚 office said.
鈥淭his developed during Romualdez鈥檚 side meeting with Vuong Dinh Hue, President of the National Assembly of Vietnam, on the eve of the formal opening of the 44th Aipa (Asean Parliamentary Assembly) general assembly here,鈥� the office added.
According to the Speaker鈥檚 office, Romualdez鈥檚 meeting follows President Ferdinand 鈥淏ongbong鈥� Marcos Jr.鈥檚 concern about the country鈥檚 rice supply amid the possible effects of the recent typhoons, the El Ni帽o season, and India鈥檚 export ban.
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With Vietnam鈥檚 assurance, the country鈥檚 rice prices would stabilize as supply would be sufficient.
鈥淰ietnam is traditionally the main source of Philippine rice imports, but as other buyers crowd in, President Marcos said supply might become limited, and the country may have to find an alternative supply source, like India,鈥� Romualdez鈥檚 office said.
鈥淭he assurance of supply from Vietnam could help boost the country鈥檚 rice supply and dampen possible price spikes fueled by speculation over possible shortages,鈥� they added.
To reciprocate Vietnam鈥檚 goodwill, Romualdez said, 鈥淭he Philippines is willing to provide Vietnam with specific products and materials it may need to meet the demand of its industries or consumers.鈥�
鈥淩omualdez also told Hue that he is looking forward to broadening the areas of cooperation between the two countries, in particular between the respective parliaments and in the areas of energy transition and digital transformation,鈥� the Speaker鈥檚 office said.
鈥淟ikewise, the two leaders of parliament discussed opportunities for partnership and cooperation to improve the supply chain between the Philippines and Vietnam involving other agricultural products and construction materials, such as cement,鈥� they added.
As early as April 2023, Marcos said that the National Food Authority would increase its rice stock through imports and local sources, noting that the buffer stock was too low.聽 However, the President assured that while the country would rely on importation again, imported rice has steadily decreased.
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However, in a report last August 2, NFA noted that their stockpile is only suitable for two days, short of the minimum inventory requirement that would help the country during emergencies or calamities.
According to NFA, its was at 1.22 million bags or 60,819.95 metric tons (MT), which would last for just two days based on a daily rice consumption rate of 679,670 bags or 33,983.5 MT.
A safe buffer stock would have to last for at least nine days.