MANILA - The Philippines has bought 1.5 million tonnes of rice from Vietnam at below $500 per ton on average, with delivery taking place up to the third quarter, Agriculture Secretary Arthur Yap said on Thursday.
"The average pricing was below $500. The volume was 1.5 million tons," Yap told reporters, finally confirming the size of a massive deal which raised export quotations in Vietnam.
"We scheduled the arrivals in the second and third quarter so we don't affect the (domestic) rice harvest," said Yap. "And it secures the national buffer stock for the year."
Vietnam last week confirmed the size of the rice shipment, which accounts for 30 percent of its projected export volume this year and which would fill the annual gain import needs of the Philippines, the world's largest rice buyer.
Traders said last month that the Vietnam deal was priced at $380 per ton, cost and freight, with 500,000 tons scheduled to arrive in the Philippines in February and March.