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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Philippines makes biggest ever rice tender AFP - Wednesday, November 11 Send IM Story Print Philippines makes biggest ever rice tender MANILA (AFP) - – The Philippines will tender for a record 600,000 tonnes of rice to guard against potential supply shortfalls from crop damage caused by recent storms, officials said on Tuesday. The December 1 tender, the country's biggest ever, would likewise be a "forward-buying" operation in anticipation that prices may jump next year, a senior agricultural official told AFP. The official conceded that such a huge order would likely push up international rice prices but said this could not be avoided. "There are rumours that India might be calling for a tender for a huge amount," said the official, who asked not to be named. However, International Rice Research Institute economist Samarendu Mohanty said he did not expect to a spike. "The Philippine tender was expected so I don't expect the market to react," he told AFP. "The Indian drought situation could mean a significant loss in production this year (but) they have lots of stocks so they should be able to handle it in the short term." Tropical storms Ketsana and Parma caused the worst flooding in four decades on the main Philippine island of Luzon and left many of the country's prime rice lands inundated shortly before the start of the harvest season. While the full extent of the damage to ricelands has not yet been assessed, the agriculture department is confident it has enough rice stocks for this year. The country with the winning bid likely will ship the rice between February and May next year, the official said. The Philippines relies heavily on imports to feed its rapidly growing population of 92 million. In 2008, the country bought some 2.3 million tonnes of rice despite record world prices, causing political problems for President Gloria Arroyo. Agriculture Secretary Arturo Yap has said imports this year will likely reach about two million tonnes. Recommend Send IM Story Print Related Articles FOREX-Dollar off 15-month low as market pauses for breath Reuters - 2 hours 41 minutes ago Irishman wins euro46,000 after island home disappears AP - 2 hours 48 minutes ago Settlement reached to clean Idaho superfund site AP - 2 hours 51 minutes ago Fluor shares fall after weaker 3Q earnings report AP - 2 hours 54 minutes ago Tw telecom shares jump after JPMorgan upgrade AP - 2 hours 58 minutes ago News Search Top Stories Emerging markets to spearhead recovery: HSBC British bank Lloyds says to cut 5,000 jobs Maclaren buggies recalled in US over 'lost fingers' Barclays says profits slump as bad debts mount Google buys mobile ad firm in 750-mln-dollar deal More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britney 'upset' over Aussie lip-synching row: promoter Kraft Foods launches hostile Cadbury bid Google buys mobile ad firm in 750-mln-dollar deal Maclaren buggies recalled in US over 'lost fingers' Women deprived of health care at key times in life: WHO More Most Viewed » Somali centenarian weds 17-year-old Mobile phone giant Nokia sues Apple over patents Fibre may keep asthma, diabetes at bay, study finds More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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