The National Food Authority (NFA) declared the bidding for 250,000 metric tonnes of rice a failure after suppliers from Thailand and Vietnam exceeded the government’s reference price.

On Friday, the NFA conducted a bidding for a government-to-government procurement of rice to replenish the agency’s depleted rice stock.

The NFA has set a reference price of $483.63 dollars per metric tonne for the 15% broken rice category while $474.18 dollars per metric tonne for the 25% broken rice category.

According to Deputy NFA administrator Atty. Judy Carol Dansal, the reference prices were not low; adding that these were based from different factors such as shipment prices and world market rates, among others

Despite passing NFA’s documentary requirements, both countries’ price offer are still higher compared to the reference price.

For instance, Thailand did not make an offer for 15 percent brokens; however, its $530 dollars per metric ton for the 25% broken rice category is higher.

Vietnam, as well, exceeded the reference price — offering $540 dollars per metric ton and $532 dollars per metric ton for the 15% and 25% broken rice, respectively.

With this, they were given another chance to revise their offers.

However, all of these were still higher, prompting the NFA to declare a bidding failure.

Despite this, Dansal said the arrival of the stocks will still likely push through before end-June.

She added, local dealers have already committed to offer commercial rice at a lower price, saying the public has nothing to worry about.

Meantime, the schedule of the next bidding including details on the reference price’s possible revision will still be finalized.