March 3, 2004

Philippines To Buy 350,000 MT Corn

The Philippine National Food Authority (NFA) is planning to buy 350,000 metric tons of yellow corn late this month or early April to fill a domestic shortfall, a senior government official said Tuesday.
 
NFA deputy administrator Gregorio Tan said a bidding schedule will be determined this week.
 
Tan said some of the corn will be scheduled for April to June delivery.
 
The NFA will buy the grain on behalf of livestock and poultry raisers, as well as feed millers, he added.
 
The livestock, poultry and feed milling industries earlier asked the government for permission to bring in corn at a zero tariff rate to give them some relief from the current high prices. Corn imports normally carry a 35% to 50% tariff.
 
Corn is a major ingredient for animal feeds. The Philippines produces only about 4.5 million tons of corn annually, short of its consumption of around 5.5 million to 6 million tons.