National Food Authority Administrator Roderico "Rod" Bioco on Friday defended his decision to allow the sale of approximately 200,000 sacks of rice to private traders, stating that it was necessary to increase the agency's operational funds.

"Wala tayong ipang-susweldo," Bioco said in an interview in "Dos por Dos" radio program of DZRH.

He explained that in addition to fulfilling that need, his agency must also dispose of the rice buffer stocks, which are mostly three months old, by selling them while they are still in a "good consumable condition".

Such was the practice of his predecessors, he said. According to the agency's records, the NFA has sold approximately three to four million sacks of rice or palay in the past.

According to Bioco, due to the implementation of the Rice Tarrification Law, the agency is prohibited from selling rice stocks by retail. Instead, they are only permitted to sell the rice to "relief-giving agencies" during times of calamities or disasters, as the rice stocks are designated for emergency purposes under the law.

Bioco explained that they had to engage in distress selling because the rice stocks could deteriorate, exhibiting signs such as discoloration, powdery texture, and unpleasant odor.

"First in, first out basis (is the disposal process)," he said, adding that he P25 selling price was even set since 2008.

"Kaya nagre-request na nga kami (sa council) na itaas ito," Bioco said, citing other agency buyers who had bought the same rice stocks at P34 from private traders.

The council he mentioned is led by the Secretary of Agriculture, with the NFA Administrator serving as the Vice Chair. Other government departments such as DTI, NEDA, DSWD, DoF, Land Bank, and Central Bank are also part of this council. Additionally, there are two seats for representatives from the private sector, which are currently unoccupied.

Bioco expressed his support for the investigation and emphasized the need for modernization within his agency. He also emphasized the importance of addressing certain guidelines that require amendments.