Philippines may buy 62,500 tons,more rice after tender

Government has the option to buy another 62,500 tons of rice over the
next six months at prices offered during Wednesday's state tender for
250,000 tons, a government official said yesterday.

"Under the law, we are allowed to re-order 25 percent of the tendered
volume," said Rex Estoperez, spokesman at the National Food Authority.

"The prices are valid for six months and if prices at the tender are
better than market prices six months from now, we can re-order," he said.

Korean trading firm Daewoo International Corp. gave the lowest bid of
$468.50 a ton, cost and freight, to supply 100,000 tons of 25-percent
broken white rice, from Thailand and Vietnam, for arrival between
January and April.

Vinafood 2, Vietnam's largest rice exporter, submitted the second-lowest
offer if $480 a ton, C&F, for 150,000 tons of the same rice grade for
arrival in January.

Coming in third was Toepfer International Asia Pte Ltd which offered to
sell 100,000 tons of rice from multiple origins at $534.99 a ton, C&F.

Vinafood 2 also bid to supply another 100,000 tons -- with delivery
split between February and March -- at $537 per ton, the fourth-lowest
offer.

Estoperez said NFA was "most likely" to award the 250,000 tons supply
deal to Daewoo, at 100,000 tons, and Vinafood 2, at 150,000 tons after
they gave the two lowest bids