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NEWS UPDATES 7 November 2009

Philippines to import rice from Vietnam and Thailand

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The Philippines, the world's top rice importer, is buying 250,000 metric tons of 25 percent broken white rice from Vietnam and Thailand, the Philippine Daily Inquirer quoted National Food Authority (NFA) spokesperson Rex Estoperez as saying.

The suppliers are Vietnam Southern Food Corp. (Vinafood Corp), which will source its rice from Vietnam, and Daewoo International Corp of Korea, which will supply rice from Vietnam and/or Thailand.

Vinafood Corp will ship 150,000 tons at $480 per ton, including cost and freight, for delivery in January 2010. The rest, or 100,000 tons, will come from Daewoo at $468.50 per ton, for delivery between January and April 2010.

The NFA also has the option to buy an additional 25 percent of the tendered volume to lock in the low prices from the winning bidders, Estoperez said.

Vinafood and Daewoo offered the lowest prices during the NFA rice tender on November 4. That auction, which may only be the first in a series, was held a month earlier than usual.

Manila is buying rice early to lock in good prices and secure stocks for early 2010, when the effects of crop damage due to recent typhoons are expected to be felt. The Philippines, a perennial net importer, has said it may buy about 2 million tons of rice for 2010 supplies.


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