Philippines may buy more rice in 2012

MANILA, Nov 17 (Reuters): The Philippines, among the world's biggest rice buyers, plans to buy more of the grain in 2012 than earlier forecast after typhoons damaged crops, and may start its purchases as early as next month, the Agriculture secretary said Thursday. Manila may buy 500,000 to 800,000 tonnes of rice for next year's needs, most likely from Vietnam, as the Southeast Asian country seeks to boost supply after strong typhoons damaged crops in late September to early October, Proceso Alcala said. "For sure it will be less than 1 million tonnes, maybe between 500,000 and 800,000 tonnes. But it is up to the NFA (National Food Authority) council to decide," he told reporters. Before the typhoons, Alcala had said 2012 rice imports may be below initial estimates of 500,000 tonnes with expectations of record rice output this year. On Tuesday, Manila cut its forecast for rice output this year to 16.68 million tonnes from 17.3 million tonnes. The state-run NFA is reviewing the country's import plans following the typhoons, taking into account crop damages and standing crops. It is expected to make a decision on a final 2012 rice import plan by the end of November. "Once the NFA council approves the volume, we may soon start buying," Alcala said. "The council will also have to decide if we will again allow the private sector to import. We will certainly buy early this time." Manila had in the past imported rice as early as December for its needs in the new year, to take advantage of better market prices. It bought a record 2.45 million tonnes for 2010, some of which were purchased in December of the previous year.