The Philippines is assessing rice prices in the world market after massive flooding destroyed farmlands in Thailand, the world’s top rice producer and exporter.
“We are aware that there is a rise in the global price of rice. We are still validating the news on ground. We have agency officials visiting Thailand to assess the situation,” Gilbert Lauengco, special assistant to the administrator of the National Food Authority, said by telephone.
“As such, we maintain to reserve our opinion should this have a bearing on our intention to import rice in 2012,” he added. Lauengco and NFA administrator Lito Banayo are both in Vietnam for the World Rice Congress 2011.
Lauengco said the Philippines was in talks with trading partners in Asia to determine the trend in global rice pricing in 2011 and 2012. He added the government had not decided the rice volume it planned to import and the timing of the auction.
“By November, I think we’ll have the volume. We may decide a bit later when to conduct the bidding procedures,” he said.
Rice prices may advance 19 percent after floods cut supplies in Southeast Asia, including in the biggest shipper Thailand, and that nation’s government started a state-purchasing program.
http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/october/21/business4.isx&d=2011/october/21
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