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THE PHILIPPINES is rocking the world of rice trade as it prepares to buy a record 600,000 metric tons of grade B (25 percent brokens) white rice via open tender.
Naqi said the Dec. 1 tender is notable in that the National Food Authority, “arguably the biggest buyer of rice in the world today,” is in the market again about a week after its first tender for 2010 supply and this time with a record quantity of 600,000 tons.
“What international trade will read from this is the seriousness of shortage situation in Philippines. We are talking about an importation of about 1 million tons in less than 30 days!” he said.