Dalisay said the country may need to import an additional 800,000 tonnes to completely cover this year's estimated gap between local harvest and consumption, and maintain a 30-day buffer stock. The Philippines' fresh demand could give a boost to rice prices in Vietnam and Thailand - the country's main suppliers and the world's third and second-biggest exporters respectively.
Prices in Vietnam, which usually gets the bigger slice of Philippine rice deals, eased last week on thin buying demand and limited fresh supply from an early harvest. The NFA Council, a panel composed of the country's top economic officials, will meet on Jan. 26 to discuss and possibly approve import plans for this year, he added. The NFA is looking at a deal with governments of either Vietnam, Thailand or Cambodia for the additional 400,000-tonne supply in the second quarter. Dalisay said another option is to allow private traders to ship in the approved volume.