NFA fails to match rice tender requirement

MANILA, Philippines- The National Food Authority's latest tender offer for rice failed on Thursday as participating bidders offered less than what was needed by the agency. Only 325,750 metric tons of rice were offered by the twelve participating rice traders. The bid price ranged between a low of $872.50 per metric tons to as much as $1,220 metric tons. “The prices were high. We we were expecting anywhere between $800 per metric ton to $90 per metric ton. We will still evaluate," said Ludovico Jarina, NFA deputy administrator. Jarina said the agency has until April 24 to evaluate the tender offer. The government needs to import 2.1 million metric tons of rice for this year to supplement the local production of rice. It has already imported some 1.1 million metric tons. The traders who submitted offers on Thursday plan to source rice from Thailand, Vietnam, Pakistan and even the United States. - Cheryl Arcibal, GMANews.TV