Monday, May 05, 2008
RP rice tender fails with only 1 bidder (12:56 p.m.)
MANILA -- The Philippine government failed to buy rice Monday after a tender to increase its buffer stock attracted only one bidder, highlighting global anxiety over the staple.
The National Food Authority (NFA), the state-run grain importer, was seeking to buy 675,000 tons of rice to shore up its stockpiles. The government said last week it has already secured enough volume to make up for a 10 percent domestic shortfall.
Only one company, Vietnam Southern Food. Corp., submitted a bid in Monday's tender, and even it did not comply with the required documents, NFA Deputy Administrator Ludovico Jarina told reporters.
The Philippines, the world's top rice importer, wants respective governments to guarantee that delivery contracts will be met.
"We will wait for softer prices before scheduling another tender," Jarina said.
Prices of rice and other food staples have been rising rapidly around the world, sparking violent protests in Haiti and Egypt along with concerns of unrest elsewhere amid profiteering and hoarding.
The sudden crisis - the price of rice has more than tripled since January - has experts calling for major changes in food production to improve crop yields and cut waste. (AP) |
