Philippines to import rice worth P5 billion
The Philippines will import 250,000 metric tons or 5 million sacks of rice.
The government’s reference price is $425 per metric tons which brings the total cost to almost 5 billion pesos.
The bidding is done thru government-to-government procurement with Thailand and Vietnam where the Philippines usually imports rice.
The imported rice is to sustain the buffer stock of NFA for the following months.
This is also in preparation for the possible effects of La Niña on agriculture in the last quarter of the year.
The Philippines already imported 500,000 metric tons of rice last April which was used to augment the deficit caused by the damage of El Niño last dry season.
NFA warehouse is now holding around 13.5 million bags of rice good for 21 days. — Rey Pelayo | UNTV News & Rescue
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