The Philippines has scrapped its largest rice tender of the year saying it prefers to hold back importing until prices fall.

Prices have trebled this year with world stocks at decades lows and demand strong.

Asian leaders attending the annual meeting of the Asian Development Bank in Madrid on Sunday says the region is at risk of undoing a decade of gains because of soaring food prices that could also spark social unrest

The Philippines is the world's top rice importer.

The government says prices are on a downward trend and it can wait until later this year to return to the market.

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