NFA auctions off 100,000 MT rice

The National Food Authority auctioned off the other Friday more than 100,000 metric tons of rice it got as a commodity loan from the US bids ranging from P590 to P848 per bag.

The bids had been accepted but still need to be approved by the NFA administrator. The amount to be raised would be used to fund various government agriculture-related projects.

The shipment, according to a report quoting Coast Guard Cdr. Luis Tuason Jr., had been allegedly smuggled and was seized inland in Batangas last week.

But the NFA said the rice shipment was legal and was not seized at all. It added that the rice was loaned to the Philippine government under US Public Law 480 which provides for its sale to raise funds for agricultural projects being pursued by the borrowing country.

The NFA also said it held all the documents for the shipment in its central office because it was required to immediately sell or monetize the rice under the agreement with the US government.

Bulk Handlers Inc., tasked to unload the rice and transport it to warehouses, also issued a statement denying the report.

Bulk Handlers owner Manuel Tan has been the subject of various news canards since suing officials of the failed Westmont Investment Corp. (Wincorp) for making it appear in commercial documents that another company he owns had an outstanding loan with Wincorp when it had not.

The Securities and Exchange Commission had also sued Wincorp for various violations of the Securities Act.

Tan said he is all the more determined now to pursue the case.