Philippines Agriculture Secretary Arthur Yap has announced that Philippines is prepared to reject bids if the prices are too high, a move that would push rice prices even higher at an auction scheduled for Monday.

Philippines state grains trading agency National Foods Authority will hold an auction Monday, as it seeks to import as much as 675,000 MT of rice to serve as a supply buffer.

Last week, NFA agreed to pay an average $1,135 PMT for the 320,000 MT tendered by exporters, up from $700 PMT in its mid-March tender.