Philippines-Japan Seal Rice Deal

According to unofficial reports, the Philippines is said to have already signed a contract to buy 50,000 MT of rice from Japan with a contract price of $826 PMT, C&F basis, for prompt shipment.

Philippines Agriculture Secretary Arthur Yap had said on Monday that an agreement to purchase 50,000 MT of rice could be signed "in a matter of weeks."

Philippines NFA has so far signed contracts to buy 1.71 million MT of rice out of an import quota of 2.1 million MT.