Manila: In preparation for the country's palay (unhusked rice) harvest season, the National Food Authority (NFA) will be releasing its aging rice stocks, according to the Department of Agriculture (DA).

According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. announced during an ambush interview on the sidelines of the induction of the new officers of the Economic Journalists Association (EJAP) that the NFA is currently bidding out its aging rice stock. Laurel emphasized the necessity of clearing out old stock to make room for the new harvest, which is expected to begin in March or April. He noted that this move is essential to ensure the procurement of new stock at appropriate prices.

NFA Administrator Larry Lacson provided specifics on the current inventory, revealing that the agency holds 2,741,408 bags, or 137,070 metric tons, of milled rice. Of this inventory, around 700,000 bags are designated for auction. Lacson mentioned that the NFA also plans to dispose of 2 million bags for use in calamities and emergency programs.

Earlier, the NFA issued an invitation to bid for over 737,000 bags of aging rice valued at more than PHP900 million. Interested parties have been asked to submit their bids by February 20.

Meanwhile, Tiu Laurel assured the public of a stable rice buffer stock. As of January 31, the NFA reported having approximately 9.17 million bags, or 458,541 metric tons, of palay inventory. This is equivalent to 5.78 million bags of milled rice, sufficient to meet the country's daily consumption needs for 11 days.