PH harming world market?

The Philippines’ goal of attaining rice self-sufficiency in 2013 year may cause harm to the international rice market and cause price shocks, according to a working paper released by the Asian Development Bank (ADB). If this happens, this would be the second time the Philippines affects global rice prices in recent history after being cited as one of the main reasons for the world rice price crisis in 2008. The Manila-based multilateral institution noted that the Philippines is one of the 3 biggest rice importers in the world. The other top global importers are Nigeria and Indonesia.  “Net importing countries have pursued self-sufficiency in rice that is likely to insure them against the risk of trade disruptions. However, the self-sufficiency strategy raises the cost of rice security in the region,” the ADB said.

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