Philippines To Buy 245,000 MT Thai Rice

The Philippines is likely to buy 245,000 MT of rice from Thailand after offers for Thai rice in a tender held Friday were lower than for Vietnamese rice.

Although Philippines usually buys its rice from Vietnam, but the price of Vietnamese rice has risen in the recent past due to tightening supplies and the ongoing export ban imosed by the government.

The Vietnamese government issued the ban in July to ensure sufficient domestic supplies. The ban is likely to remain until around November, when Vietnamese farmers will start harvesting the main crop.