The Philippines will sign deals with Thailand and Vietnam to import 500,000 tonnes of rice as the country looks to boost buffer stock ahead of the lean harvest season
According to the country’s National Food Authority (NFA), the country is expected to sign the contracts for the rice deal on or before 10 March 2015.
NFA is an agricultural agency, which is responsible for ensuring the food security of the country and the stability of supply and price of rice.
“Thailand had offered to sell 100,000 tonnes of rice worth US$780 per tonne. The prices were lower than Vietnam’s offers, but Vietnam agreed to match Thailand’s bid and the country will ship the remaining 150,000 tonnes of rice. All shipments will arrive in the Philippines by 30 April 2015,” added NFA.
In 2015, NFA may import rice between 500,000 tonnes to 600,000 tonnes. The NFA currently imports most of the rice requirement for buffer stocking.
Despite record high domestic harvests in recent years, including last year’s output, the Philippines remains one of the world’s biggest rice buyers. In 2014, the Philippines imported around 1.7mn tonnes of rice.
