Philippines: Grain and Feed Update

FAS Manila forecasts Marketing Year (MY) 2024/25 rice imports to reach 4.60 million metric tons (MT), given the implementation of Executive Order No. 62, 2024 that reduced rice tariff rates from 35 to 15 percent. FAS Manila forecasts rice milled production to decline in MY 2024/25 due to damage and losses from successive typhoons. FAS Manila forecasts corn imports to reach 1.35 million MT for MY 2024/25 as fall armyworm continues to cause a decline in local production. Feed demand is forecasted to grow in MY 2024/25, driven by the broiler and layer industry and the rebounding swine industry. FAS Manila forecasts imports for wheat to increase to 7.15 million MT for MY 2024/25. The demand for wheat is largely driven by increased demand for milling wheat due to economic growth, increased population, a rebound in tourism, moderating inflation, and demand for feed wheat given favorable pricing vis-à-vis corn.