According to Philippines Agriculture Secretary Arthur Yap, the Philippines is close to signing a deal with Vietnam this week for up to 1 million MT of rice that would help boost Manila's domestic rice reserves.

The Philippines had earlier sought a guarantee from Vietnam for the supply of 1 million to 1.5 million MT of rice amid surging prices and tight supplies in the global market.

Philippine rice imports are intended to ensure domestic supply during the lean production months of July to September.