RP details $564-mln Vietnam rice deal

ABS-CBN News

Posted at Jun 19 2008 04:33 PM | Updated as of Jun 20 2008 12:33 AM

Reuters

The Philippines' $564-million purchase of 600,000 tons of rice from Vietnam will consist of three rice grades, with the 25 percent broken variety making up the majority of the imports, a source from the state grain agency said on Thursday.

The Philippines, the world's biggest rice importer, will get 360,000 tons of 25 percent brokens and 180,000 tons -- or 30 percent of the total shipment from Vietnam -- in 15 percent brokens.

The rest, or 60,000 tons, will be at a higher grade of 5 percent brokens.

Manila paid an average price of $940 a ton, including cost and freight, for the shipment, which will be delivered between July and September. The source did not give the price per grade of rice.

The government-to-government deal wraps up Manila's purchases of its national staple for this year, with the Southeast Asian nation likely to be out of the market until possibly the end of the year, when it may start stocking up for 2009.