NFA seeks more rice

By Riza T. Olchondra
Philippine Daily Inquirer
First Posted 19:44:00 01/05/2010

Filed Under: rice problem, Food, Economy and Business and Finance

THE National Food Authority (NFA) is seeking more rice than contracted for 2010 supply as the Philippines tries to secure rice reserves while world market supplies last.

Data from the NFA show that the agency wants a total of 455,189.26 tons in additional supply from six traders who won contracts at four tenders conducted for 2010 supply.

The grains authority wants 62,500 tons from the contracts from the Nov. 4 tender; 27,487.50 tons from the Dec. 1 tender; 118,563.175 tons from the Dec. 8 tender; and 146,638.592 tons from the Dec. 15 tender.

The Philippines filled the tender volume of 250,000 from its November 4 bidding but had to buy below target for the next three auctions held in December.

The Dec. 1 tender was for 600,000 tons but the NFA bought only 509,950 due to increased prices. For the Dec. 8 tender, also for 600,000, the NFA awarded contracts for only 474,252.70 tons.

For the Dec. 15 tender, the NFA awarded supplies for 586,554.37 tons, the highest among the three tenders for 600,000 tons. Vinafood2 got the single purchase contract for 146,638.59 tons.

Total awards have so far added up to 1.96 million tons, a little below the total tendered volume of 2.05 million tons.

If all the reorders are confirmed, the supply could actually go up to about 2.4 million tons.