Philippines Plan Auction To Buy 500,000 MT Next Month

According to Philippines National Food Authority, The Philippines are likely to hold an auction next month in order to procure 500,000 MT of rice to take advantage of potentially lower prices in Vietnam.

The timing of the auction could be a smart move as Vietnamese farmers are set to begin harvesting the main crop next month, which could make prices more attractive for rice importers such as the Philippines. 

 The Philippines has so far bought 876,701 MT mostly from Vietnam, out of an import quota volume of 1.6 million MT for the year.