MANILA: Rice traders in the Philippines are set to import about 1.2 million tons of the staple food, a state grains agency spokeswoman told Reuters on Tuesday, as the Southeast Asian country lifts a two-decade-old cap on purchases.
Bigger rice purchases by the Philippines, already one of the world’s top importers and consumers of the grain, could underpin export prices in Vietnam and Thailand, traditionally its key suppliers.
Prices in Vietnam fell last week ahead of the country’s largest harvest this month, while the Thai market is likely to see additional supply toward the end of January from the seasonal harvest.
President Rodrigo Duterte in October ordered the “unimpeded” importation of rice after the country’s inflation shot up to 6.7 percent in September and October, the highest in nearly a decade, partly due to food prices.
The National Food Authority (NFA) has approved initial applications from 180 rice traders for permits to import a total of 1.186 million tons of either 5-percent or 25-percent broken white, the NFA spokeswoman said.
“We have not set any deadline for accepting applications to import rice. There’s no more limit,” she said.
Importers are allowed to bring in rice from any country, but grains from Southeast Asian suppliers will be charged a tariff of 35 percent while those from elsewhere will face a 50-percent charge.
Lawmakers have approved the bill removing the import cap on rice imports and replacing it with tariffs. Duterte will “most likely” sign it into law “soon,” presidential spokesman Salvador Panelo said on Tuesday.
Philippine inflation eased in November and December, and the rice tariffication law could help curb it this year by as much as 0.7 percentage point, the central bank has said. Rice is the biggest food item in the country’s consumer price index.
Philippines set to import 1.2 million tons of rice as caps removed
Philippines set to import 1.2 million tons of rice as caps removed
- President Rodrigo Duterte in October ordered the ‘unimpeded’ importation of rice after the country’s inflation shot up
- Lawmakers have approved the bill removing the import cap on rice imports and replacing it with tariffs
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
