NFA auctions up to 60,000 tons of aging rice stocks
The National Food Authority (NFA) plans to auction up to 60,000 metric tons of aging rice stocks from September until October to prevent spoilage and free up warehouse space.
Agriculture Secretary Francisco Tiu Laurel Jr., who chairs the NFA Council, said this move aligns with President Marcos' directive to halt rice imports for two months starting in September to boost palay prices during the harvest season.
The rice stocks being auctioned are classified as 'aging,' which means they have been stored for at least two months after milling.
Government relief agencies will have priority access to these stocks in September before a public auction takes place, with floor prices ranging from P27.96 to P25.01 per kilo depending on storage duration.
The NFA's current buffer stock stands at 450,000 metric tons, equivalent to 12 days of national demand in emergencies, and the planned auction covers about 13 percent of this buffer.
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