NFA to auction 741,570 bags of local rice

CHEAPER RICE A warehouse workers carries two sacks of local rice. —INQUIRER FILE PHOTO

The National Food Authority (NFA) is selling P1.19 billion worth of aging rice buffer stocks to free up warehouse space and increase its cash flow.

In its notice of auction, the grains agency said it is offering 741,570 bags of local milled rice that have been stored for more than six months.

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READ: NFA to auction 741,570 bags of local rice

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Some of the aging rice stocks are stored in NFA warehouses in Cagayan Valley, comprising 25 percent of the total. Southern Tagalog followed with 17.7 percent.

The NFA will hold a pre-auction conference on June 23 at its Quezon City office or via video conferencing or webcasting to discuss the terms of reference of the auction, as well as address the questions raised by prospective bidders.

The latest bidding round is open to all interested farmers’ organizations, cooperatives, groups and legitimate business entities.

Bidders may inspect the agency’s aging rice stocks at its branch offices from June 23 to 26 during office hours from 8 a.m. to 5 p.m.

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Inspection

Interested parties may submit their bids to the NFA from June 16 to 30 at the NFA’s main office in Quezon City or from June 16 to June 26 at NFA regional offices.

Auction tenders will be opened on June 30 at the NFA office in Quezon City.

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The NFA will reject unsealed or unmarked auction envelopes, although it will accept bid envelopes that are not properly sealed or marked if the bidder or authorized representative can attest such conditions during submission.

The sale and withdrawal of stocks will be made on an “as is, where is” and “no selection” basis.

The NFA may enter into negotiated sales with entities to dispose of aging rice stocks in the event of two consecutive failed public biddings.

“The NFA reserves the right to accept or reject any or all bids, to waive any formalities or defects found therein, to annul the auction process, to reject all bids at any time prior to the contract award, without thereby incurring any liability to the affected bidder/s and to accept only such bids most advantageous to the government,” it said.

NFA Administrator Larry Lacson said last month that the schedule of the next auction was rescheduled to June as it finalized the bidding guidelines.

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Lacson explained that the auction is conducted periodically to clear warehouse spaces for fresh harvests, boost its funding and prevent spoilage.