Updates on the rice shortage
Thailand and Vietnam announce that they will make a reoffer before 12 p.m.
The National Food Authority rejects rice import bids from Vietnam and Thailand as they are both above the reference price of $447.88 per metric ton.
Vietnam offered $483 per MT while Thailand offered $480.50 per MT.
NFA rejects bids from both countries. Offerors are given until 3pm today to submit their revised offers.
— Maureen Simeon (@maureensimeon) November 13, 2018
Offerors are given until 3 p.m. today to submit their revised offers for the 203,000 MT in rice imports via government-to-government procurement.
Officials of the Department of Agriculture led by Secretary Manuel Piñol hold a press conference on the rice shortage. Piñol says the department of the proper body to say whether there is enough rice in the country.
Pinol on the high price of rice in the market: Profit in the food industry should not hurt the consumers or decrease the income of the farmer
— Maureen Simeon (@maureensimeon) February 14, 2018
Piñol also announces that the Philippines is 96-percent rice self-sufficient, despite criticisms by experts that the policy—continued from the Aquino administration—may be popular but unwise, Importation is cheaper (and makes rice cheaper for consumers) and investment on rice would instead benefit other local farmers in more productive sectors.
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