The Philippines is probing the idea of opting to enter into a government to government deal with Vietnam in the near future in order to securing its future rice contracts.

Philippines National Food Authority, the country's state-owned grain trading firm, has been buying most of its rice import requirements through auctions in the past several years.

The NFA has so far signed contracts to buy 877,000 MT of rice out of an import quota of 1.6 million MT for the year.

The Philippines is a major buyer of rice in Asia, importing mostly from Vietnam.