Philippines vows 'aggressive' rice buying
Philippine authorities would pursue an "aggressive" buying policy to boost rice stocks for one of the world's largest rice importers ahead of the typhoon season, the state grains trading agency said Thursday.
National Food Authority chief Jessup Navarro said buffer stocks of 770,000 tonnes, plus 1.7 million tonnes of contracted imports, should cover the country's consumption requirements over the next 64 days which coincide with the lean months of the planting season.
However, he told reporters the government needs to buy between 500,000 and 700,000 tonnes more to prepare for the typhoon season after that.
"The last quarter is our rainy season or our typhoon season so we have to be ready. But for the lean months, we already have, comfortably have, our buffer," he added.
The grains trader will "aggressively" buy locally as well as pursue imports, he said.
Navarro also urged the private sector to help with imports.
The grains agency's international tender for 675,000 tonnes failed on Monday with the government blaming the suppliers' reluctance to take part in open tenders out of fear of further driving prices further up.
Manila has been hit hard by the grain's rising price. The government has been struggling to find ways to ensure access to subsidised rice for the poor.
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