Philippines to buy up to 250,000 tonnes rice

The Philippines, one of Asia's largest rice importers, may buy up to 250,000 tonnes of rice this week for buffer stocks in the third quarter, a senior official said on Monday.
Arthur Yap, administrator of the National Food Authority (NFA), said the government would name on Tuesday winners of last week's tender for the supply of up to 200,000 tonnes of rice for July to August delivery.
"Considering the time left for us to bring in the additional security stocks, the option of reordering (from the winning suppliers) is very much being considered," Yap told Reuters by telephone.
"Our cap is 25 percent of 200,000 tonnes, or an addition of up to 50,000 tonnes," he added.
The Philippines usually buys rice to fill up local supply shortfalls in the third quarter, the lean season in local rice production.
Philippine government sources said Vietnam Southern Food Corp (Vinafood) likely won the bulk of last week's tender.
They said the NFA may buy 150,000 tonnes of 25-percent broken rice variety from Vinafood at $243.98 per tonne C&F.
Toepfer International Asia Pte Ltd and Thai Maparn Co Ltd are also expected to get supply contracts of 15,000 tonnes each of 25-percent broken rice variety at $243.80 per tonne C&F and $241.45 per tonne, respectively.
The Philippines may also buy 5,000 tonnes of 25-percent broken rice variety from Daewoo International at $244 per tonne C&F and 15,000 tonnes of 15-percent broken rice variety from Noble Grain Pte Ltd at $240.35 per tonne.
One of the sources said the government needed to bring more rice than the planned 200,000 tonnes after farmers' groups waived the right to bring in the bulk of their import quota.
A quota of 310,000 tonnes was granted to farmers' groups this year as part of a programme to dismantle the state's monopoly on rice imports.
But farmers' groups just brought in 33,000 tonnes due to the increase in rice prices in the world market and the volatility of the peso against the dollar.
If the Philippines buys the additional 250,000 tonnes this week, its total imports this year would reach 976,000 tonnes from 945,000 tonnes last year.