AgriNurture gets original proponent status for NFA rice supply deal
Seems everything’s coming up roses for Chinese-Filipino businessman Antonio Tiu.
Tiu’s AgriNurture Inc. . bagged original proponent status from the National Food Authority for its unsolicited proposal to boost the country’s rice inventory at no cost to the government. With the OPS, the project shall now proceed in accordance with both the technical and legal processes under public-private partnership projects.
Just last month, Tiu-led IRC Properties was acknowledged by the Makati government as the original proponent for its proposed $3.7 billion intra-city rail transport system.
It would be recalled that Tiu’s name was irreparably tainted after figuring in a controversy involving then vice president Jejomar Binay. He was accused of fronting Binay on the ownership of a 350-hectare property in Batangas province.
Under its agreement with NFA ANI will be tasked with financing the procurement of as much as 500,000 metric tons of rice per quarter, equivalent to two weeks of national inventory of subsidized NFA rice. It shall also accept all the risks from the time of purchase up to the point of dealing with undisposed stocks.
Both parties shall jointly determine the origin, suppliers, delivery and arrival periods, packing and loading and discharging ports.
Once a project proposal receives original proponent status, it is subjected to a Swiss Challenge, the process which allows other firms to make competing offers, which the original proponent can match.