WASHINGTON, Aug. 4, 2003 – The U.S. Department of Agriculture today announced the signing of a Public Law 480, Title I, agreement with the government of the Philippines for the sale of U.S. rice.
The agreement provides $40 million for the sale of about 148,000 metric tons of rice. After purchasing the U.S. rice, the government of the Philippines will then sell the rice in the Philippines. The revenues will be used to promote development of the Philippine agricultural sector, including financing the construction and rehabilitation of irrigation and post-harvest facilities, and continuing faculty exchange programs between U.S. and Philippine colleges and universities.
The fiscal year 2003 agreement with the Philippines was signed on July 17, 2003. The supply year is fiscal year 2003. The Foreign Agricultural Service will announce purchase authorizations, and sales will be made by private U.S. traders on a competitive-bid basis.
The P.L. 480, Title I, program provides for sales of U.S. agricultural commodities on concessional credit terms to governments and private entities in developing countries that have demonstrated the potential to become commercial markets, are undertaking measures to improve their food security and agricultural development, and show the greatest need for food.
For further information, contact Elisa Wagner of FAS at (202) 720-2235, or by e-mail at Elisa.Wagner@fas.usda.gov.
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