MANILA (Dow Jones)--The Philippines is set to sign an agreement with Vietnam Wednesday that will guarantee the supply of 1 million metric tons of rice, said Agriculture Secretary Arthur Yap.

  The volume does not include imports that have already been contracted by the National Food Authority with Vietnamese suppliers, Yap said.

  A memorandum of agreement will be signed Wednesday to finalize the deal.

 The NFA has so far contracted 1.2 million tons of rice, mostly from Vietnam, to beef up local supplies amid surging prices and tightening inventories in the global market.