At least 19 foreign rice traders are interested in bidding today, Tuesday, to supply the 250,000 metric tons of rice needed by the Philippines, the National Food Authority (NFA) said.
NFA Deputy Administrator Tomas Escarez, who chairs the Special Bids and Awards Committee, said the traders are from Vietnam, Thailand, Singapore and Myanmar.
Manila is set to import P5.6 billion worth of rice through an open bidding, or government-to-private sector arrangement, to boost its buffer stock for the lean season.
Of the 19 traders, 10 are from Vietnam, six from Thailand, two from Singapore, and one from Myanmar.
The Vietnamese traders include Vietnam Southern Food Corp. II; Gentraco; Gia International Corp.; Vietnam Northern Food Corp. (Vinafood I); Phan Min Investment Production Trading Services Co. Ltd.; Hiep Loi Food Jsc; Thuan Minh Import Export Corporation; Wilman Trading; Thao Minh Chau Production Trading Co. Ltd.; and Tan Long Group Joint Stock Company.
From Thailand, interested bidders are: Ponglarp Co. Limited; Thai Hua Co. Limited; Capital Cereals Co. Ltd.; Asia Golden Rice Co. Ltd.; Thai Granlux Int’l. Inc.; and Thai Capital Crops Company Limited. From Singapore: Olam International Limited and Louis Dreyfus Company. And from Myanmar: Swhe Wah Yaung Agriculture Production Co. Ltd.
The total volume of 250,000 MT will be divided into six lots of 25,000 MT each and two lots of 50,000 MT each. A bidder can make a bid for a maximum of 50,000 MT only.
“The volume was divided into lots to allow more private sector participation and to give a chance to small bidders to participate,” Escarez said.
The reference price for the importation was set at $451.08 per metric ton based on a foreign exchange rate of $1.00:P50.00.
Bids are priced in US dollars per metric ton with all deliveries paid for by the NFA within 15 days.
The rice deliveries must be staggered from August to September, with 120,000 MT expected to arrive in August and 130,000 MT in September.
The discharge ports are Poro Pt., La Union for 20,000 MT; Batangas for 30,000 MT; Tabaco for 25,000 MT; Cebu City for 25,000 MT; Cagayan de Oro for 25,000 MT; Davao City for 15,000 MT; Gen. Santos for 10,000 MT; and Manila for 100,000 MT.
Earlier, the PSA reported that rice prices in the retail market rose for the fifth straight week as of the first week of the July, the start of the lean months.
The average price of palay P19.35 per kilogram in the first week of July, was up 3.41 percent from P18.71 per kg a year earlier.