MANILA could hold more tenders before the end of the year if the Inter-agency Committee on Rice and Corn finds the Philippines would need to beef up its rice inventory for the first quarter of 2010. The decision may come before the end of November.

National Food Authority (NFA) Deputy Administrator Ludivico Jarina said, “Once that assessment is out, we can determine if we will go on bidding or adopt other modes [of procurement].”

A bidding for 250,000 tons of rice had already been held in Quezon City on Wednesday. Out of the 14 companies that tendered bids, only six were found financially eligible.

Daewoo International submitted the lowest bid of $468.50 per ton for 100,000 tons. Vietnam Southern Food Corp. 2 offered the second-lowest bid at $480 per ton for 150,000 tons.

Other qualified bidders include Thai Hua Co. Ltd., $563.25 for 100,000 tons; LG International, $549.77 for 150,000 tons; Toepfer International Corp., $534.99 for 100,000 tons, and Asia Golden Rice offered $570 for 100,000 tons.

Jarina said awarding of the contract will be made five working days from the bid date. “The price is good and we hope that the price will hold until the end of the year.”

Jarina said Manila is not in a hurry to buy all its shortfall supply for 2010 because the country still has a rice inventory of 2.4 million tons. The NFA has 1.16 tons.

Last year, the country imported almost 2.4 tons of rice mostly from Vietnam and Thailand.