Philippines to Re-auction Over 740,000 Bags of Aging Rice Stocks

The National Food Authority (NFA) of the Philippines is set to re-auction over 740,000 bags of aging rice stocks on August 12, after its initial attempt to sell the inventory on June 30 failed to attract any buyers. According to a notice posted on the NFA’s website, a total of 741,570 bags of local milled rice, aged over six months, will be up for auction. The total transaction value for these stocks is P1,068,144,811 (approximately $18.1 million USD). NFA Administrator Larry Lacson confirmed the failure of the first auction, stating, “Walang sumali (no one joined).” The aging rice stocks are currently stored in various NFA warehouses across the country. The pre-auction conference is scheduled for August 5, with the opening of auction tenders slated for August 12. Prospective bidders will have the opportunity to inspect the aging rice stocks at the concerned NFA Branch Offices from August 5 to August 10, during working hours. Interested bidders are required to pay an auction bond equivalent to at least 10% of the total bid amount per lot. The auction is open to farmers’ organizations, cooperatives, groups, and legitimate business entities. This re-auction highlights the ongoing challenges faced by the NFA in managing its rice inventory and ensuring food security for the nation. The efficient disposal and management of aged rice stocks are crucial for maintaining an adequate and fresh supply for the public.