The Philippines, facing domestic shortages, is looking for wheat on the international market, after China rebuffed a request to supply it with grain. “China politely turned us down, saying they also need to stock up,” explained Trade Secretary Peter Favila. The Philippines recently struggled to secure rice on the international market. Wheat prices have more than doubled in the past year, while rice is up 94 percent. (Bloomberg)
The Bottom Line
April 11, 2008
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