MANILA, June 10: The Philippines, one of Asia’s largest rice importers, said on Monday it had bought 250,000 tons of the grain from PEC Ltd of India.

The fresh purchase, intended to shore up the country’s buffer stocks of rice in case the El Nino weather pattern hits local crops, bring to 640,000 tons the total volume imported by the country since the start of the year.

The Philippines bought a total 390,000 tons from India, Pakistan, Thailand and Vietnam in April.

The Department of Agriculture said state firm Philippine International Trading Corp (PITC) had closed a deal with PEC Ltd for the purchase of 200,000 tons of 15-per cent broken rice and 50,000 tons of 25-per cent broken rice.

It added in its statement that the rice should arrive in the country no later than August 15.

The department said PITC had been authorized to buy the fresh rice stocks on the basis of the best offer in terms of price, quality and other conditions submitted during its first tender in April.

“This means that the government bought the additional 250,000 tons of rice from India at the same prices that it bought in April,” a senior government source told Reuters.

On April 12, the PITC closed a deal to buy 100,000 tons of 15 per cent broken rice at a cash price of $173.70 per ton, cost and freight freeout (CFR, FO) from PEC.

This was the lowest offer submitted by five Asian state-owned firms for 15 per cent broken rice at a tender on April 5.

A week later, PITC said it bought another 100,000 tons of 15 per cent broken rice from PEC also at a cash price of $173.70 per ton CFR, FO for delivery no later than July and 45,000 tons of 25 per cent broken rice at CFR, FO for June delivery.—Reuters