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The Philippines is likely to import an additional 250,000 tonnes of rice from Vietnam and Thailand. The Philippines government on Tuesday said the country would import more rice to boost its stocks ahead of the lean harvest season.
The National Food Authority Council did not specify the quantity, but demand from the Philippines, one of the world’s largest rice importers, could underpin prices in Thailand and Vietnam — its main suppliers and major exporters.
The National Food Authority had been seeking the council’s approval to import 250,000 tonnes under government-to-government schemes with Vietnam and Thailand. The committee that decides on the quantity to be imported will meet on Thursday.
The NFA also announced it would shift from government-to-government importation to government-to-private importation to make the bidding more competitive, transparent and less corrupt.
Rice inventory in the Philippines is running low, with government stockpiles shrinking to the least in more than three years in April, just enough to cover 10 days of the national requirement.