Philippines to buy rice from Vietnam, SKorea

The Philippine government has decided to buy rice from Vietnamese and South Korean companies to cover a shortage caused by recent back-to-back typhoons, a spokesman said Friday.

The decision came two days after the two companies -- Daewoo International Corp. and Vietnam Southern Food Corp., or Vinafood -- offered the lowest bids for 275,500 tons (250,000 metric tons) to the National Food Authority, agency spokesman Rex Estoperes said.

The Philippines, the world's biggest rice importer, lost at least 1.3 million tons of rice after being pummeled over the last two months by typhoons that left more than 900 dead and rice paddies submerged.

The government last year bought a record 2.54 million tons (2.3 million metric tons) of rice to plug a 10 percent domestic production gap.

Under the contract, Daewoo will provide 110,200 tons (100,000 metric tons) at $468.50 per metric ton (1.1 tons), and Vinafood the remaining 165,300 tons (150,000 metric tons) at $480 per metric ton. Daewoo is to make deliveries from January through April, with the first 20 percent by Jan. 25 while Vinafood will complete its shipments in January.