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Friday, November 06, 2009 | MANILA, PHILIPPINES
Economy
Government trading firm to import 30,000 tons of top-quality rice
THE PHILIPPINE International Trading Corp. (PITC) will import 30,000 metric tons (MT) of mostly top-quality rice, an official said on Thursday, adding that Thailand and Vietnam were among the possible suppliers.
PITC will be importing the grain for arrival until January 31 next year on behalf of private firms and cooperatives.
The country’s main grain-importing arm, the National Food Authority (NFA), gave the state trading agency authority to import rice.
The rice grades that can be imported by PITC include white rice 100% A and B, 5 percent brokens, basmati rice and Thailand’s jasmine rice, Edgardo Bernardo, head of imports at PITC, told Reuters.
Qualified private importers will be allocated up to 1,000 MT each. Mr. Bernardo said the list of importing firms would be finalized on Nov. 27.
"This is a way to help farmers, especially those without bank lines to import rice," he said.
The Philippines also has the option to buy another 62,500 MT of the commodity in the next six months at prices offered on Wednesday’s open tender for the supply of 250,000 MT rice.
"If we observe prices are reasonable, we can re-order for another 25% of the awarded volume [from the same suppliers]," Rex C. Estoperez, director for public affairs of NFA, said yesterday in a phone interview.
"Under the procurement law [Republic Act 9184, or the Government Procurement Reform Act], we are allowed to re-order 25% of the ordered volume," Mr. Estoperez said.
The country’s second open tender this year, following the purchase of 75,000 MT in July, attracted 10 international traders, of which six were qualified. Korean trading firm Daewoo International Corp. gave the lowest bid of $468.50/MT to supply 100,000 MT of 25% broken white rice, for arrival between January and April. Daewoo said it will source the grain from Thailand and/or Vietnam. Vinafood 2 gave the second-lowest bid of $480/MT for 150,000 MT of the same rice grade for arrival in January.
Mr. Estoperez said the re-order will be done "if it is acceptable to the traders." Asked if Daewoo would be willing to sell more rice if the country uses its 25% re-order option, Daewoo country manager Tae-Hyun Yun said, "yes." -- Reuters and N. J. C. Morales
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