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Vietnam and Thailand have won contracts to supply a total of 500,000 metric tonnes of rice to boost the Philippines’ buffer stock for this year’s lean months that starts in July, Vietnam’s National Food Authority (NFA) has announced
Vietnam will supply 300,000 metric tonnes, involving 150,000 metric tonnes each of the 15 per cent and 25 per cent broken varieties. Thailand will deliver the remaining 200,000 metric tonnes to cover the balance of each rice variety.
NFA administrator Renan B. Dalisay said that the council had earlier agreed on the import of 250,000 metric tonnes of 25 per cent broken, well-milled long grain white rice and another 250,000 metric tonnes of the 15 per cent broken variety. The auction was held in February 2015.
“Both offers of Vietnam and Thailand are below the reference or world market prices,” Dalisay said.
The auction reference prices for the 15 per cent and 25 per cent broken rice varieties were set at US$442.94/metric tonne and US$425.85/metric tonne, respectively.
Half of the volume awarded will be delivered by the end of March, Dalisay said, adding that the balance will be due for importation by the end of April.
Existing bilateral rice agreements allow the Philippines to import stocks from Thailand, Vietnam and Cambodia through government-to-government procurement mode. Cambodia, however, did not participate in the latest auction.