The Philippines will auction allocations on March 23 for private companies to import 600,000 tons of rice tariff-free, the state’s National Food Authority said in a newspaper advertisement.
The rice purchases, part of the planned 860,000 tons of imports this year, must be delivered by June 30. Private companies will bid for the so-called “service charge” that has a minimum floor price of 2 pesos per kilogram, National Food said. Each importer will be allowed to bid for a maximum of 20,000 tons, it said.
The Philippines is seeking to more than halve imports to 860,000 tons this year, from about 2.5 million tons in 2010, amid forecasts for a bigger harvest, National Food Administrator Angelito Banayo said March 7.
The import plan, which calls for the state agency to buy 200,000 tons with the remainder from private traders, will be “validated in light of rising commodity prices globally” and as “many countries are in a stockpiling mode,” Banayo said in a March 10 interview.
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