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Philippines to buy 200,000t of VN rice
The Philippines will import 200,000 tonnes of rice from Viet Nam beginning next month, a newspaper reported on Wednesday.
It would be bought from the Southern Food Corp at US$480 per tonne under a government-to-government contract, the Philippine Star quoted Angelito T. Banayo, the Administrator National Food Authority (NFA), as saying.
The NFA had held a private sector tender for the import of 600,000 tonnes using the Government's Tax Expenditure Fund of the National.
It is securing 860,000 tonnes of rice to cover a shortfall between production and consumption demand.
The NFA had allotted the import of 600,000 tonnes to the private sector, 60,000 tonnes to farmers' co-operatives and 200,000 tonnes to itself.
The Philippines had opted for the contract since it already had a memorandum of agreement with Viet Nam for buying up to 1.5 million tonnes.
For the 200,000 tonnes of 25 per cent broken rice, the Philippines would have to make payment within 270 days after the first shipment arrived.
GMA News Online quoted Banayo as saying: "The rice from Viet Nam will start arriving by April until June"
The Philippines was also in the process of concluding another MOA with Thailand for up to 1 million tonnes, he said.
There were also talks with Cambodia but both countries were still verifying their ability to supply.
Viet Nam exported more than 1 million tonnes of the grain in the first two months for $523 million, an increase of 41 per cent in volume and 28 per cent in value year-on-year, according to the Viet Nam Food Association.
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