International rice prices shoot up in latest NFA bidding

MANILA, Philippines - In a bidding conducted yesterday, the National Food Authority (NFA) received a lowest bid of $664.90 per metric ton for 600,000 MT of rice from Vietnam Southern Food Corp. (Vinafood).

Vinafood’s offer which was for 25 percent brokens, was $45.95/MT higher than the best bid of $618.95/MT it submitted during the Dec. 8 rice tender. Still, it was way below the bids submitted by four other bidders, namely Louis Dreyfus, Toepfer International, Chaiyaporn Rice Co. Ltd and Daewoo International Corp.

The second lowest bid was submitted by Daewoo International which offered $717/MT for 130,000 MT, while the rest submitted bids ranging from $725.90/MT to $772.88/MT.

NFA deputy administrator Ludovico Jarina noted that there was an improvement in prices, although “some were very high, others within.” Jarina said the NFA bids and awards committee will review and evaluate the body then submit its recommendations.

“It is up to NFA Administrator Jessup Navarro, all we can do is recommend,” Jarina said.

He would not say if the NFA would still conduct additional tenders after holding four tenders for a total volume of 2.05 million MT of rice.

“Things are still fluid,” Jarina said, adding that the inter-agency committee is still evaluating a number of factors that include palay/rice production next year, climate change and unforeseen events such as the possible explosion of Mayon Volcano.

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