Philippines is in need to boost its rice buffer stock by 800,000 metric tons ( MT) this year, valued around P17.18 billion for which five trading companies are hustling for contract. An open bidding will be organized for both state-run and private companies to make a bid. The bid would be in four groups of 200,000 metric tons each, and the least bid can be of 100,000 metric tons.

The organizations who have already bought the bidding documents are:

  • Vietnam Southern food cooperation (Vinafood2)
  • LG International Corp.
  • Asia Golden Rice Co. Ltd.
  • Thai Hua Co.Ltd.
  • Louis Dreyfus Group

According to NFA, Only Vinafood2 is the one which has paid the fee for the four lots, while remaining are fighting for one or two lots. The NFA deputy administrator and Chairman of Bids and Awards Committee, Ludovico Jarina have commented that contracts will be granted to the traders with lowest bid.