NFA sets auction of 60 M kilos rice

The National Food Authority (NFA) will auction off around 60 million kilos of rice next month to release aging stocks and raise funds for the agency.

- By ALDEN MONZON

NFA administrator Larry Lacson said last week that he was able to secure authorization from the council to tender 1.2 million 50-kilo bags of rice, with the auction scheduled to start on Dec. 5.

“After that, I hope it becomes successful. Then we will ask for additional (volume) because we know the stock ages through time,” Lacson told reporters.

He said they have lowered prices by P2 per kilo compared to the previous auction to attract more buyers.

He said the rice would be offered first to government agencies before being made available to the public.