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MANILA, Philippines — The National Food Authority (NFA) has rescheduled from this month to June the auction for aging rice stocks while guidelines for the process are being finalized.
NFA Administrator Larry Lacson said on Monday they would offer about one million bags or more than 50,000 metric tons of aging rice stocks—a move aimed at making room in its warehouses and increasing cash flow.
The NFA will also factor in the slight increase in rice prices to ensure a high participation rate.
READ: NFA to sell aging rice stocks to free up warehouses
