MANILA -- The National Food Authority rejected yesterday submitted tenders to buy 500,000 metric tons of rice because all bids were higher than the ceiling price set by the government.

Following the failed bidding, NFA spokesman Rex Estoperez said the agency will likely issue another request for tenders after the agency's bidding committee makes a review of its budget.

Four traders submitted bids at the tender, namely Vietnam's Vinafood 1 and Vinafood 2 and global commodities traders Louis Dreyfus and LG International.

PSEi, peso sustain rise

MANILA -- The local bourse sustained its rise and the Philippine peso further appreciated to a US dollar yesterday still on investors anticipation for further easing in the European Central Bank's (ECB) monetary policy.

The main index rose 0.20 percent or 14.11 points to 7,160.46 points.

All the sectoral indices tracked the main index led by the industrial index, which grew 0.39 percent or 42.42 points to 10,987.17 points.

DOST helps lime quarry

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