*EPF506 07/28/00
Text: Philippines to Buy More Rice from United States
(Agriculture Dept. announces $20 million deal July 27) (340)

The Philippines will purchase an additional $20 million in U.S. rice under Public Law 480, Title I, the Department of Agriculture announced in a press release July 27.

Public Law 480, Title I, provides for financing of sales of U.S. agricultural commodities to developing countries and private entities on concessional credit terms.

Following is the text of the press release:

(begin text)

U.S. Department of Agriculture
Office of Communications

Release No. 0258.00

ROMINGER SIGNS AGREEMENT WITH PHILIPPINES FOR ADDITIONAL RICE

WASHINGTON, July 27, 2000 -- In a Blair House meeting today with President Joseph Estrada of the Republic of the Philippines, Agriculture Deputy Secretary Richard Rominger announced that the Philippines will purchase an additional $20 million in U.S. rice under the previously announced P.L. 480, Title I, concessional sales agreement.

Under the newly amended fiscal year 2000 agreement, USDA will extend long-term, low-interest loans for the Philippines to purchase a total of $40 million in U.S. commodities, including $30 million in rice and $10 million in U.S. soybean meal. The previous food aid agreement announced on July 26 called for purchases of $10 million in U.S. rice and $10 million in soybean meal.

"Proceeds from local sales of these commodities will be used to promote development of the agricultural sector in the Philippines, including support for agricultural research and support for agricultural colleges and universities there," Rominger said. "Overall, USDA will provide loans for the purchase of more than 100,000 metric tons of U.S. rice and more than 50,000 tons of soybean meal under the amended agreement."

P.L. 480, Title I, provides for financing of sales of U.S. agricultural commodities to developing countries and private entities on concessional credit terms. Sales are made by private U.S. traders on a competitive-bid basis.

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(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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