Limited Bids For Philippines Import Quota Auction

Prevailing high prices of rice in the global market kept away private importers from availing a significant portion of the 172,370 MT import quota offered by the Philippines state-run National Food Authority.

At the auction, local companies committed to import only 7,600 MT of rice.

The 172,370 MT volumes represented the balance unsubscribed by private companies from an auction held last week, where a total import quota of 200,000 MT was offered.

The exercise is meant to help shore up domestic supplies following a steep rise in domestic rice prices in previous months. The NFA has so far signed contracts to import a record 2.3 million MT of rice for 2008.