Philippines Hopeful Of Lower Prices In May 5 Rice Tender

The Philippine National Food Authority has expressed confidence that it will attract enough offers to meet its requirements with lower prices at a rice tender scheduled for May 5.

According to NFA Deputy Administrator Ludovico Jarina, bidders won't be required to post performance bonds and bid bonds, which means less overhead, while ongoing harvests in Thailand and Vietnam could also prompt bidders to offer lower prices.

The May 5 tender is essentially exclusive to government suppliers.

The agency has so far signed contracts to buy 1.2 million MT of rice this year.