The National Food Authority (NFA) successfully auctioned more than ₱900 million worth of aging rice stocks on Friday, February 20.

In an interview on Dos Por Dos, NFA Administrator Larry Lacson said that of the 737,000 bags offered for bidding, 650,000 bags—or 88 percent—were initially bid out. After post-qualification, 623,000 bags, or 85 percent of the stocks, were confirmed as qualified.

"Ang proceeds po niyan siguro ho ay nasa ₱900 million ang malilikom," Lacson said.

The auction involved aging stocks stored from three months up to over 18 months. Lacson explained that the older stocks varied in appearance but remained safe for consumption.

"Definitely po, yung bago-bago dyan ay mas maputi at mas walang amoy na laon. At medyo may discolored po yung luma, pero lahat po ng ito ay good for human consumption," he said.

"Karamihan po dito ay napaputi ng hugas. Wag lang po talaga yung luma na medyo marami na yung amoy o medyo dilaw, pero kapag niluto, hindi na mapapansin po iyon," he added.

The NFA set floor prices based on the age of the stock, ranging from ₱25.16 per kilo for rice stored three to six months, down to ₱22.52 per kilo for stocks held over 18 months. The average bid reached ₱28 per kilo, with the highest bid also at ₱28 per kilo.

"Dami pong nagka-interes, at ito pong mga nanalo, marami po dito ay hindi ko kilala. May ilan ding mga rice mill at importers," Lacson said.

Of the 83 lots offered, the NFA secured tenders for 57 lots, equivalent to 604,364 bags or 88 percent of total volume. Thirty-nine bidders purchased bid documents, though only 19 are expected to secure contracts.

The agency plans to use the freed warehouse space to store newly procured palay from local farmers, at a minimum of ₱17 per kilo for wet palay and ₱21 per kilo for dry palay.

The dry harvest season is expected to peak between April and May.