The Philippines agreed to buy 450,000 metric tons of 25 percent-broken rice from Vietnam on Thursday, Saigon Times Online reported.
The Philippines' state grains procurement agency, the National Food Authority (NFA), accepted the tender offer from Vietnam at a price of US$426.6 per ton, the news website said.
Meanwhile, Thailand secured a sale for 300,000 tons of rice at the same price as Vietnam’s.
Shipments from Vietnam and Thailand are expected to be delivered between November and March, according to the NFA.
The Philippines had issued this buy tender for 750,000 tons of rice to beef up falling stocks ahead of an El Nino dry weather pattern forecast to be among the strongest in 65 years.
The country has decided to import 1.5 million tons of rice so far this year, with one million from Vietnam and the remaining from Thailand.
The Philippine Star on Friday quoted NFA Administrator Renan Dalisay as saying while domestic rice stocks remain sufficient until the end of this year, the authorities deemed it necessary to increase domestic stocks while prices in the international market are still low and stable.