Typhoons force Phililppines to begin 2010 rice imports this month

THE GOVERNMENT will kick off its rice purchases for next year two months
earlier than usual after typhoon lashed crops, with a tender for the
purchase of 250,000 metric tons (MT) of rice planned for later this month.

The National Food Authority (NFA), which normally holds its first rice
tender in December, will hold the tender on Oct. 30. The government has
set aside P6.366 billion for the purchase of 25% broken long grain white
rice, at $530.50 per MT. Thai benchmark prices remained stable at an
average of $535/MT late last week.

"We want to maintain stability of prices and stocks," Rex C. Estoperez,
director for public affairs of the NFA, said yesterday in a phone
interview.

"We are doing it earlier than the usual December [buying] because we do
not know if our inventory will be secure [early next year]," he said in
Filipino.