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Rising offer prices force NFA to reduce rice purchases below target.
Byline: Neil Jerome C. Morales
THE NATIONAL Food Authority (NFA) will buy only 474,252.70 metric tons (MT) of rice instead of the planned 600,000 MT it sought during the Dec. 8 tender given rising prices.
The grains agency yesterday awarded three traders - Vietnam Southern Food Corp.; international trader Toepfer International Corp. and Korean firm Daewoo International Corp.-- supply contracts for $618.95-$692.50/MT, cost and freight (C&F).
"[We had to reduce the purchase] because of the adjusted [offer] prices and the authorized budget," Rex C. Estoperez, director for public affairs of the NFA, said yesterday in a phone interview.
The 25% …
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