MANILA, Philippines — The National Food Authority (NFA) has rescheduled from this month to June the auction for aging rice stocks while guidelines for the process are being finalized.
NFA Administrator Larry Lacson said on Monday they would offer about one million bags or more than 50,000 metric tons of aging rice stocks—a move aimed at making room in its warehouses and increasing cash flow.
The NFA will also factor in the slight increase in rice prices to ensure a high participation rate.
But Lacson said the current price cap of P50 per kilogram for imported rice and the proposed suggested retail price of P53 per kilo for local rice may dampen interest.
“If rice prices (in the market) are high, it’s more attractive to buy through the auction because it’s cheaper.
If prices outside are going down, of course, the interest among prospective auctioneers will somewhat decrease. But we’re still expecting many bidders to participate,” Lacson said. —JORDEENE B. LAGARE
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