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Philippines May Buy 63,000 Tons Of Rice To Boost Local Stocks

MANILA (Dow Jones)--The Philippines is seriously considering to buy around 63,000 metric tons of rice from Vietnam to boost local stocks, a senior agriculture official said Wednesday. MANILA (Dow Jones)--The Philippines is seriously considering to buy around 63,000 metric tons of rice from Vietnam to boost local stocks, a senior agriculture official said Wednesday. The additional purchase will be in the form of a reorder from contracts signed by the National Food Authority, or NFA, with Vietnamese suppliers in June this year, the official said. Under the law, the NFA is allowed to buy up to 25% of the import volume contracted in previous deals. "This will help boost our carry-over stocks for next year," the official said. Efforts to boost the country's rice stocks have been prompted by a delay in its own rice planting, scheduled to be harvested in the fourth quarter, the official said. Based on offers made in a June 6 tender, the NFA, a state-owned grains trading firm, bought 255,000 tons of 25% broken grade from rice in June from five Vietnamese suppliers at prices ranging between $328.96-$328.99/ton, C&F basis. It also bought 25,000 tons of iron-fortified rice at $348.99/ton from state-owned Vietnam Food Southern Corp. The reorder will bring the country's rice imports this year to 1.67 million tons, the official said. The NFA was given an authority to import up to 1.73 million tons this year. A major buyer of rice in Asia, the Philippines buys most of its rice imports from Vietnam.   (Riceonline.com)

 

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