NFA starts auction of rice 9.7M kilos of rice at P24 in Western Visayas
The National Food Authority has started the auction of some 9.7 million kilos of rice in Western Visayas at a floor price of P24 per kilo which may bring down rice prices in the region in the short term.
Agriculture secretary Proceso Alcala earlier said that Western Visayas’s rice production is more than sufficient for its requirements and that it exports its excess harvest to other regions.
Latest data from the Bureau of Agricultural Statistics point to an average wholesale price of P37.88 per kilo for well milled rice in the country, with retail prices averaging at P41.88 per kilo.
The NFA’s Region VI started bidding out the imported rice on March 7, 2016 and will continue the auction until the stocks are exhausted. The NFA has waived the auction fee, bid bond, and performance bond for prospective bidders.
The rice stocks are described as 15 percent brokens which arrived in the country in 2014. Some 194,126 bags of imported rice are being bid out, the bulk of which are in Negros Occidental. Rice in the country is usually packed in 50-kilogram bags.
In its announcement, the NFA said some 267,646 bags of the imported rice are in Negros Occidental, 11,640 bags are in Iloilo, 10,738 bags are in Capiz, 2,930 bags are in Aklan, and 1,172 bags are in Antique. (By:Eileen A. Mencias)