THE National Food Authority (NFA) on Monday said it would auction one million bags or over 50,000 metric tons (MT) of aging rice stocks next month.
Aging rice stocks refer to milled rice and unhusked palay that have been stored for three to 18 months. These are generally good and safe to consume and the aging process also dries out the grains, making them less sticky and better for specific dishes like fried rice, pilaf, or biryani.
The auction was originally scheduled this month but was moved to June given the need to fix guidelines.
The A also still has to finalize the floor price.
“I think it would increase a little. I saw the initial data, which was from three weeks ago, and since it’s dynamic, we need to update it,” A Administrator Larry Lacson said, noting that the agency also needs to consider the price of imported rice.
Lower market prices could pose a challenge to the A auction. Lacson said the P50 per kilogram price cap for imported rice and the same suggested retail price for local rice may lower the “appetite” for the A auction, though he remains upbeat that it will draw a big number of buyers.
There will be more, possibly monthly, auctions after June since there will always be aging rice, Lacson said, but added that the volume may decrease as time passes since President Ferdinand Marcos Jr. had instructed them to triple the speed of milling and continue expanding the Benteng Bigas, Meron Na! (P20/kg) program.
As of April, the A had released a total of 94,000 metric tons (MT) of rice —54,000 MT for Benteng Bigas, plus 40,000 MT to other government agencies, including the Department of Social Welfare and Development, for relief efforts.
