Philippines To Continue With Higher Offers For Local Rice

The Philippines President Gloria Macapagal Arroyo has said that the Philippine government will continue to buy paddy rice from local farmers at higher prices this season and store them in state facilities.

According to the President the rice procured would help ensure adequate supplies in the local market amid a steady rise in both domestic and global prices.

Philippines state grains trading firm National Food Authority has already contracted an import volume of 1.2 million MT of rice this year, around half of which has already arrived in the country.