NFA moves to import more rice
THE STATE GRAINS AGENCY needs to import rice again this year to continue rebuilding its depleted buffer stock, a spokesman said on Tuesday, as it sought offers in an open tender for an additional 250,000 tons.
There is no final volume and timing yet for additional rice purchases by the National Food Authority ( NFA), which needs approval by its council, said the spokesman, Rex C. Estoperez.
“We need to import more this year for the lean months,” he told reporters, referring to the July to September period when the domestic harvest is very low or almost none. “It needs planning and the budget.”
The NFA this month accepted supply offers from Vietnam and Thailand for a total volume of 250,000 tons in government-togovernment deals, before Tuesday’s second tender.
The Philippines, a frequent rice buyer, may import as much as 1.4 million tons of the staple this year — among the largest rice purchases expected — based on a projection by the United States Department of Agriculture.
President Rodrigo R. Duterte wants the NFA to build up its rice buffer stock to the equivalent of 60 days of national consumption, or as much as 1.92 million tons, from less than two days of consumption in March.
The NFA sought supply of 25% broken rice variety at Tuesday’s open tender, with 13 suppliers and traders, mostly from Thailand and Vietnam, making valid offers, the NFA said.
Bids ranged from $ 461.75 to $465.04 per ton, below the agency’s budget of $498.25 per ton.
Delivery of the additional 250,000 tons should be completed before September, while shipments of the first 250,000 tons are expected to arrive from next week and should help ease upward pressure on domestic prices, Mr. Estoperez said.
The dwindling supply of cheap NFA rice, partly caused by delays in import approvals, spurred spikes in domestic prices. That fed into inflation, which accelerated at its fastest pace in at least five years in April. —