Philippines Plans to Start Subsidized Rice Sales in May
Sacks of rice inside a National Food Authority warehouse in Malolos town, Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippine government plans to sell some of its rice inventories at heavily subsidized prices in May as residents in the Asian archipelago turn out for midterm elections.
The state-owned National Food Authority will sell at least 370,000 tons of aging kernels from its warehouses at about 20 pesos ($0.36) a kilogram, about half of current market prices, Agriculture Secretary Francisco Tiu Laurel Jr. said at a press conference Tuesday. The government wants to start subsidized sales this week, but may have to wait until after the May 12 vote depending on a ruling from the Commission on Elections, Laurel said.