ANI proposes to import 500,000 MT of rice in behalf of NFA
Listed Agrinurture, Inc. (ANI) said the National Food Authority (NFA) has granted ‘original proponent status’ to its unsolicited joint venture proposal for the financing and purchase of 500,000 metric tons (MT) imported rice to help augment the country’s buffer stock.
Under the proposed JV agreement, the ANI consortium shall finance the supply of NFA rice with no cash out on the part of government.
Both parties shall jointly determine the origin, suppliers, delivery and arrival periods, packing and loading and discharging ports.
NFA, on the other hand, will solely determine the type of commodity to be imported, specifications and quantity.
ANI clarified that its joint venture proposal will not replace local supply to the detriment of local farmers.
Instead, it only aims to augment the country’s rice inventory at no cost to the government.
“Aside from not bearing the costs of importation, NFA has no risk or exposure to losses. All risks shall be borne by the ANI consortium from the time of purchase up to the point of dealing with undisposed stocks,” ANI said.
After being granted original proponent status, ANI said the project proposal will now proceed in accordance with both the technical and legal processes under the NEDA “Guidelines and Procedures for Entering into Joint Venture Agreements between Government and Private Entities”.