Manila: The National Food Authority (NFA) is set to implement adjustments to its rice auction system to ensure a faster and more efficient process. This move comes as the agency opens bidding for its third auction of good-quality aging rice stocks, with approximately 750,000 bags to be released.

According to Philippines News Agency, NFA Administrator Larry Lacson mentioned that while the agency hopes for a successful bidding, measures are being developed to improve the auction procedures. Lacson noted that the current auction cycle takes more than a month to complete, which is slightly off the agency's monthly target. Adjustments under consideration include altering rice volume, area level, and the timeline of the auctions.

One proposed change is lowering the minimum volume requirement from 5,000 bags to 3,000 bags, in response to feedback from bidders. Additionally, the NFA is exploring the option of conducting regional auctions instead of national ones, with the aim of expediting the process. These adjustments are pending approval from the NFA council.

Interest from private traders in the auctions is increasing, due to the quality of the aging stocks, which are deemed suitable for consumption. Lacson emphasized that auctioning these stocks could also mitigate the slight increase in rice retail prices observed in some local markets, attributed to delays in import arrivals earlier this year.

The NFA Administrator expressed optimism about successfully releasing the aging stocks, which will enable the agency to allocate more space for the procurement of palay from Filipino farmers during the upcoming harvest season. Currently, the NFA's buying price for clean and dry palay ranges from PHP22 to PHP25 per kilo.