PH declares failure of bidding for the importation of 250,000 MT of rice
Vietnam and Thailand refused to sell their imported rice to the Philippines at a cheaper price, forcing the National Food Authority (NFA) to declare a failure of bidding today.
To be specific, NFA set the reference price at USD 483.63 per metric ton (MT) for 15 percent brokens rice, while the price for 25 percent brokens rice stood at USD 474.18 per MT.
However, Vietnam and Thailand both submitted bid offers that are “way beyond” the NFA’s reference price.
Initially, Thailand offered to sell 200,000 MT of 25 percent brokens rice for US$530 per MT.
Vietnam, on the other hand, offered to sell 50,000 MT of 15 percent broken rice for US$540 per MT, while it set its bid price for 100,000 MT of 25 percent brokens rice at US$532 per MT.
In their next offer, Thailand set its bid offer at US$520 for 25 percent brokens, while Vietnam offered to sell 50,000 MT of 15 percent brokens at US$530 per MT and 100,000 MT of 25 percent brokens at US$521 per MT.
“The bidding that we had today is a failure. We will conducting a rebidding, which is set to be announced. We will have to convene again,” NFA Deputy Administrator Judy Carol Dansal said.