The Philippines’ National Food Authority (NFA) is set to import 100,000 tonnes of rice from either Vietnam or Thailand in the coming months to stop the manipulation in the domestic rice market, according to The Daily Tribune on September 30.
The rice import is aimed at further bolstering the buffer stock and defeating efforts of a rice cartel, which is believed behind in the market manipulation of the product, bringing down the prices of the cereal, The Daily Tribune quoted an industry source, who requested anonymity, as saying.
Earlier this year, Vietnam won a bid to provide 187,000 tonnes of rice for the Philippines in 2013.-VNA
The rice import is aimed at further bolstering the buffer stock and defeating efforts of a rice cartel, which is believed behind in the market manipulation of the product, bringing down the prices of the cereal, The Daily Tribune quoted an industry source, who requested anonymity, as saying.
Earlier this year, Vietnam won a bid to provide 187,000 tonnes of rice for the Philippines in 2013.-VNA
