MANILA - The Philippines, the world's biggest rice buyer, said on Wednesday it may award only 500,000 to 520,000 tons rice, below its specified import volume, due to high bids from suppliers at this week's tender. "Based on the price offers, we can award around 500,000 to 520,000 tons," Romeo Jimenez, director at state grain agency National Food Authority, told reporters. "From their bid prices, we cannot afford it," Jimenez said, when asked why a full award from the tender of 600,000 tons rice on Tuesday was not possible.

Of the volume to be awarded, 300,000 tons could go to Vietnam's top rice exporter Vinafood 2, which gave the lowest bid, while the rest could be taken up by Thai suppliers, he said. Jimenez added the agency may increase its budget for 2 other rice import tenders this month.