Phl secures 200,000 MT of rice from Vietnam

MANILA, Philippines - The Philippines will secure an initial 200,000 metric tons of rice from Vietnam under a memorandum of agreement (MOA) for the supply of up to 1.5 million MT of the commodity.

Agriculture Secretary Proceso J. Alcala said the National Food Authority (NFA) would procure the rice from Vietnam under the earlier agreed upon MOA.

He said the price, however, is still being negotiated.

The rice shipment is expected to arrive by the third week of May or up to early June,” Alcala added.

The 200,000 MT being secured by the NFA would be on top of the 660,000 MT that the NFA will secure for the private sector using the Tax Expenditure Fund (TEF).

The Philippines is importing a total of 860,000 MT, but Alcala said the NFA has a leeway to import up to 1.3 MMT in case of an emergency.

The NFA had earlier announced that it intends to start this month its tender for the importation of 660,000 MT of rice.

According to NFA administrator Angelito Banayo, the NFA must conduct the rice tender this month so that the rice can arrive by June or July when the lean rice production months begin.