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AgriNurture inks rice supply deal with Vietnam's Vinafood

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/09/10/20180910_rice.jpg"/><figcaption>Farmers remove weeds growing alongside with ride stalks at a ricefield in Naujan, Oriental Mindoro in Philippines. <em>Erik de Castro, Reuters/File</em></figcaption></figure></div><p>MANILA - AgriNurture Inc on Monday said it signed an exclusive supply $1 billion agreement with Vietnam Southern Food Corp (Vinafood) for rice importation. </p><p>Under the Memorandum of Agreement, Vinafood will exclusively supply up to 2 million metric tons of long grain rice per year to the Filipino firm, AgriNurture told the stock exchange.</p><p>Vinafood is a state-owned corporation tasked by the Vietnam government to export rice in South East Asia, the statement said. </p><figure class="op-interactive"><div id="IVS_ABS_Body_Video_1_Container"> <ivs-player id="IVS_ABS_Body_Video_1" data-ivs-spid="3001339" data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-vid="1424103" data-ivs-floating="1"></ivs-player> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/iframe-parent.js"></script> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script> </div></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><p>&quot;With this commitment, what we can do and expect is to bring in more rice as soon as possible,&quot; said AgriNurture president and CEO Antonio Tiu in an interview with ANC&#x27;s Market Edge. </p><p>Tiu however added that the actual terms of the deal will have to wait for the final version of the rice tariffication bill that is pending in the Senate. </p><p>He estimated that the Philippines consumes 12 million to 13 million metric tons of rice each year, while producing only 9 million to 10 million metric tons during &quot;good years.&quot;</p><p>After the recent weather disturbances disrupted agriculture, Tiu estimated that the country&#x27;s rice harvest fell below 9 million metric tons. </p><p>He added that rice importation will alleviate rice shortage in the short term, but the long term solution still lies in improving the productivity of local rice growers. </p>

<p>Conditions of the agreement will follow Philippine laws, including but not limited to, the proposed tariffs on imported rice.</p>

Conditions of the agreement will follow Philippine laws, including but not limited to, the proposed tariffs on imported rice.