MANILA - The Philippines' state grain agency said on Monday it would hold auctions for private traders to import up to 200,000 tons of rice on June 11, 20 and 27.
Conrad Ibañez, assistant administrator of the National Food Authority (NFA), said any volume out of the 200,000 tons that was not taken up in the June 11 auction would be offered in succeeding auction dates.
The Philippine private sector has largely shunned previous opportunities to import the national staple duty-free due to record-high international prices and difficulty competing locally with government-subsidized supplies of the grain.
But with overseas prices dropping from peaks ahead of an expected increase in world supply and the government holding off importing after a buying spree earlier this year, some market observers said demand would pick-up among the private sector.
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RP sets more rice auctions
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