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MANILA, Sept 25: The Philippines, a major rice buyer, said on Wednesday it did not expect a proposed rice cartel in the region to succeed because of the nature of the commodity.
Officials of state trading firm National Food Authority said that, unlike oil, rice could rot, which made it more difficult for major suppliers to control supply and prices.
“The nature of the commodity does not allow a cohesive cartel,” NFA deputy administrator Gregorio Tan told a news conference. — Reuters
