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Philippines ramps up local rice buying; import plans due soon MANILA: The Philippines' state grains procurement agency has launched its biggest local rice buying effort in five years as it looks to build up buffer stocks and support local farmers, although the country will still require substantial imports.The National Food Authority (NFA), which acts to ensure food security, said it aims to buy 189,845 tonnes of paddy rice from local farmers from January to June this year, the biggest volume since 2010 when first-half purchases totalled 230,965 tonnes.Renan Dalisay, NFA administrator, said he had instructed NFA field officials to go on a "massive" procurement, targeting the major rice-growing provinces Iloilo, Palawan, Sultan Kudarat, Antique and Isabela.Prices in the provinces had dipped to 14 to 16 pesos per kilogram ahead of the harvest, falling below the NFA support price. "These are areas where the harvest is expected to begin this month," Dalisay told Reuters. "The NFA is ready to buy everything." ...

Palm rises on Malaysia's tax plan, export data JAKARTA: Malaysian palm oil futures closed higher on Monday as buyers were encouraged by the country's announcement it would not reinstate an export tax on palm for March, and on the release of better-than-expected export figures."I think one of the reasons the market is friendly is the fact that crude palm oil exports will still have zero tax in March. Earlier, there was an indication that there would be a tax for crude palm oil," ...
Thailand sells around 500,000 tonnes of rice in tender, half its offer BANGKOK: Top rice exporter Thailand sold less than 500,000 tonnes of rice in its latest tender; the Commerce Ministry said on Monday, half the amount offered by the military government as it strives to offload massive, costly stockpiles over the next two years.Thailand is sitting on around 17 million tonnes of the grain, accumulated under a subsidy scheme run by ousted Prime Minister Yingluck Shinawatra, whose government paid farmers well above market rates for their ...
Gold has bullish hopes, sobering current reality LAUNCESTON: The price of gold appears caught in a holding pattern, stuck between what is actually happening to demand and what potentially may happen.The World Gold Council's latest quarterly report provides a snapshot of the different dynamics at work in the gold market, and goes some way to explain why the precious metal has been marooned in a fairly narrow range for almost two years.The broad picture from the council's Gold Demand Trends 2014 report ...
Bangladesh cancels two tenders to import 100,000 T of wheat DHAKA: Bangladesh's state grains buyer has cancelled two tenders to import a total of 100,000 tonnes as bidders failed to comply with terms and conditions, officials said on Sunday.The tenders would be reissued soon as the state grains buyer had started extensive imports of wheat to boost reserves, officials at the Directorate General of Food, the state grains buyer, said.The state grains buyer plans to ship in 900,000 tonnes of wheat in the year to ...
Indonesia's PT Timah suspends all new tin sales on low prices JAKARTA: Indonesia's top tin miner PT Timah has suspended all new sales until benchmark prices of the solder material rise above at least $20,000 per tonne, an official at the state-owned firm said on Saturday.Indonesia is the world's top exporter of tin and the governor of its main producing region of Bangka-Belitung is already spearheading a separate plan to impose an export moratorium in an attempt to bolster prices that are trading near 2-1/2 year ...
Indonesian tin smelters to vote on suspending exports next week JAKARTA: A quarter of Indonesia's tin smelters back a plan to suspend exports and prop up global prices, the chief of an industry body said on Friday, ahead of a vote on the issue targeted next week.Indonesia is the world's top exporter of tin, and the governor of its main producing region of Bangka-Belitung is spearheading an attempt to support London prices of the metal that are trading near 2-1/2 year lows."As of now, it ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln