Manila: The National Food Authority (NFA) on Monday announced its plan to auction one million bags, equating to more than 50,000 metric tons (MT) of aging rice stocks in June. This auction, initially scheduled for May, sees an increase in volume from the previously estimated 5,000 MT to 20,000 MT.
According to Philippines News Agency, NFA Administrator Larry Lacson expressed optimism about trader participation in the upcoming auction, despite the current price cap of PHP50 per kilogram for 5 percent broken imported rice and the PHP53 per kilo suggested retail price (SRP) for local rice. Lacson commented, "Kung bumababa na (ang presyo) sa labas, siyempre 'yung interest ng mga prospective auctioneer medyo bababa. But we're expecting marami pa rin magpa-participate (If the prices outside are declining, the interest of prospective auctioneers also drops. But we're expecting that many will still participate)."
The NFA is currently finalizing guidelines for the disposal of the aging rice stocks, with auction prices anticipated to be slightly elevated to attract more participants. In terms of palay (unhusked rice) procurement, the agency has secured 25,000 MT out of a targeted 350,000 MT for the first half of the year. Lacson noted that the NFA's buying price has been adjusted to PHP27 per kilo, a change from the earlier range of PHP22 to PHP28 per kilo. The NFA also plans to procure 790,000 MT of palay by 2026.
