The National Food Authority (NFA) has successfully sold almost 90 % of its old rice stocks in an auction held recently, clearing a significant amount of its stored rice and opening up warehouse space to buy fresh palay (unmilled rice) from farmers.
NFA Administrator Larry Lacson said the agency managed to sell about 32.5 million kilograms of rice at an average of ₱28 per kilo, earning approximately ₱936.5 million, which exceeded the original target of ₱912.4 million.
Out of 83 lots put up for bidding, 57 were successfully tendered (around 604,364 bags), with 39 bidders acquiring bid documents though only 19 are expected to finalize contracts once their documents are validated.
By selling these aging stocks — some of which had been in storage for 3 to 18 months — the NFA aims to free up storage space ahead of the rice harvest season peaking in April and May. The space will be used to buy palay from farmers at set minimum prices (at least ₱17/kg for wet palay and ₱21/kg for dry palay), helping support farmgate prices and ensure proper buffer stock levels.
The NFA also noted that the added funds and storage capacity will help it strengthen its market intervention role in the coming months.
