The Philippines Agriculture Secretary Arthur Yap has revealed that the Philippines may sign a deal with Japan next month in order to buy 60,000 MT of long grain rice.

Early this year, Japan offered to sell 60,000 MT of long grain and 140,000 MT of medium grain rice to the Philippines, which is building its buffer stock following sharp increases in prices in both local and global markets.

The Philippines is this year's largest importer of the grain, buying to date a record 2.3 million MT out of an import quota of 2.7 million MT.