The National Food Authority (NFA) on Monday said it will auction one million bags or more than 50,000 metric tons (MT) of aging rice stocks in June.
The auction was moved from its earlier schedule in May, and the 20,000 MT was higher than the initial estimated volume of 5,000 MT.
In an interview, NFA Administrator Larry Lacson expressed optimism for traders’ participation next month amid the imposition of the PHP50 per kilogram price cap for 5 percent broken imported rice and the PHP53 per kilo suggested retail price (SRP) for local rice.
“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),” Lacson said.
The grains agency is now finalizing guidelines on the disposal of the aging rice stocks, with auction prices targeted to be slightly higher to attract participants.
In terms of palay (unhusked rice) procurement, the NFA has secured 25,000 MT out of 350,000 MT for the first half of the year.
Lacson said their buying price is now at PHP27 per kilo, from the earlier PHP22 to PHP28 per kilo.
The grains agency plans to procure 790,000 MT of palay for 2026. (PNA)
