Cambodia Rice: NFA Seeks Rice Supply Bids

NFA Seeks Rice Supply Bids

MANILA, Philippines — The National Food Authority said it would seek bids from rice exporters Vietnam, Thailand and Cambodia for a 120,000-metric tonne supply deal as it seeks to boost buffer stocks before the lean harvest season.

''We will issue invitations to them this week or next week to submit sealed offers,'' NFA Administrator Angelito Banayo told Reuters.

Banayo also said the NFA has started awarding permits to local rice traders and farmers' groups to import a total of 380,000 tonnes of the grain.

Two tenders were held last month for import rights for the private sector, with bidders offering rice imports exceeding 1.5 million tonnes.

The Philippines, the world's biggest rice buyer in recent years, has decided to slash imports to 500,000 tonnes this year from 860,000 tonnes last year and a record 2.45 million tonnes in 2010.

It may further trim purchases to 100,000 tonnes next year as it aims to become self-sufficient in the national staple by the end of 2013.

Banayo said all shipments this year should arrive between May and June, before the lean harvest season starts in July. The NFA must maintain a 30-day buffer stock during lean production months from July to October, or double the regular 15-day minimum stock.

As of February, total rice stocks at NFA's warehouses were good for 26 days.

The Southeast Asian country usually buys about three-quarters of its annual rice imports from the world's No. 2 exporter Vietnam and small volumes from the biggest seller Thailand.

Traders in Vietnam said last month contracts had been signed to export a total of 500,000 tonnes of rice to the Philippines.

Banayo said he was unaware of any new rice deals between local traders and Vietnamese suppliers. Previously he said the Philippines could also buy rice from Pakistan, India, Thailand or Cambodia.

Rice prices in Vietnam this week were boosted by demand from China and the Philippines despite higher export floor prices, while intervention swelled prices in competitor Thailand, traders said. (Reuters:April,2012)

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