Philippines: Poor Response To Rice Import Quota Auction

Philippines National Food Authority’s auction to distribute quotas to import rice at concessional duties has failed to generate a significant response from private importers for the second time in less than a month.

Only one private importer, Uni Agro Native Products, submitted a bid to import just 500 MT, out of a total quota of 141,440 MT on offer.

Despite government efforts to involve the private sector in rice imports, the response has been poor due to high prevailing prices of rice in the global market.

The NFA is authorized to bring in up to 2.1 million tons of rice this year. The agency has so far signed contracts to import 1.71 million MT of the grain.

The Philippines is the world's largest importer of rice this year.