Philippines Might Increase Volume In May 5 Rice Tender

The Philippine National Food Authority, NFA, is likely to increase the volume of rice it plans to buy at the scheduled tender on May 5.

The NFA was originally planning to buy up to 500,000 MT of 25% broken rice at the auction for shipment between May and June this year.

In an earlier tender held on April 17,the NFA received offers totaling only 325,750 MT against an indication of 500,000 MT.

The NFA has so far signed contracts to import 1.2 million MT of rice to shore up domestic supply amid surging prices in the local and global markets. The Philippines is Asia's largest importer of rice.