NFA, awarded nearly 16,000 metric tons (MT) of ageing rice through rice auction to clear warehouse space for the procurement of freshly harvested palay (unmilled rice). The rice auction helped the National Food Authority (NFA) sell rice worth P400 million. The public held with an aim to allow the grains agency to free up warehouse space to procure fresh harvests tendered nearly 16,000 metric tons (MT) of aging rice, equivalent to 315,000 bags. The exact identity of bidders, however, are yet to be disclosed.
In this context, NFA Administrator Larry Lacson said their price offers ranged between P22.52 and P25.16 per kilogram. During the auction 30 prospective bidders purchased 68 sets of bid documents covering 618,660 bags. 14 bidders were disqualified due to insufficient bid bonds, faulty documents or bids that were below minimum volume. The auction of rice stocks was successful in second attempt after a failed attempt in October. Notably, the NFA is authorized to bid out old rice stocks, or that are beyond three months of milling.
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