Minister Laurel said the suspension started on March 4 while an investigationis underway on the accusations.
An NFA official has accused several agency executives of improperly disposingof rice buffer stocks without bidding, and at a price allegedly disadvantageousto the government. The NFA executives deny any impropriety, affirming the salefollowed procedures.
Thecontroversy erupted as the Philippines grappled with high rice prices. Thecountry has struggled to lower the rice prices despite an ample supply of thenational staple.
Rice prices rose 22.6% in January from 19.6% in December 2023,the highest since March 2009 - the time when rice inflation hit 22.9%./.