Philippines pays $940/ton for Vietnam rice

ABS-CBN News

Posted at Jun 18 2008 03:28 PM | Updated as of Jun 18 2008 11:28 PM

Agence France Presse

MANILA - The Philippines said on Wednesday it paid an average price of $940 per ton, including cost and freight, for 600,000 tons of rice from Vietnam in a government-to-government agreement.

Agriculture Secretary Arthur Yap told Reuters the deal would cover the Philippines rice requirements for this year but did not rule out importing more of the grain later this year for 2009 needs.

"This is sufficient for the 2008 requirement," Yap said in a a telephone interview.

At its last successful rice tender in April, Manila paid an average of about $1,136 per ton, including cost and freight, up 60 percent from a tender in March.