Vietnam, Thailand win bid to supply rice to Philippines
Vietnam and Thailand have won a bid to supply 250,000 tonnes of rice for the Philippines at US$424.85 per tonne, US$0.15 lower than the set reference price of US$425.
Thailand will supply 100,000 tonnes, while Vina Foods II of Vietnam will provide the remaining 150,000 tonnes.
40% of the rice shipment is expected to be delivered by end of September while the remaining 60% is by end of October.
NFA has to beef-up its food security stocks to maintain the mandated 30-day inventory level during the lean months.
The G-to-G procurement scheme is covered by a Memorandum of Agreement (MOA) between the Philippines and the two countries.