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MANILA, Philippines – The Philippines is among the Asian economies most vulnerable to a severe El Niño, largely because of its heavy reliance on imported rice and heightened exposure to regional supply disruptions, according to a report by ANZ Research.
In a note to clients, ANZ said the Philippines “appears the most vulnerable” in the region, as weak domestic agricultural production has left the country increasingly dependent on food imports, especially rice.
READ: El Niño may cut PH rice output by 700,000 metric tons, says DA
Other major economies are seen as better positioned to absorb the shock. ANZ said Thailand and Vietnam, both major rice exporters, benefit from sizable food trade surpluses that could cushion the effects of prolonged drought. India’s record rice inventories and ample wheat stockpiles are expected to help stabilize domestic food supplies even if harvests are affected by extreme weather.
