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The Enhanced Electronic Trading System (EETS) for Corn is a web-based trading system that provides information exchange and clearing house services and commodity trading for corn buyers and sellers through a network of Designated Depository and Withdrawal Sites (DDWS) and Corn Exchange Centers (CEC) linked electronically with each other through the internet. It provides the mechanism that can help corn sellers link with their market at the right place and right time for better prices and have access to marketing data that will guide them in deriving the highest possible returns on their investments by making concrete data-based marketing decisions. In the same manner, corn buyers have direct access to available supply and price information on corn deposits of participating corn sellers and eventually fill their requirements.
The EETS was conceptualized during the Workshop held last February 26-27, 2009 at Sulo Hotel in Quezon City where various stakeholder representatives who attended, unanimously endorsed the establishment of an Agricultural Commodity Exchange System (ACES) to support farmers, directly or indirectly, to attain better income opportunities by providing market information updates, promoting more efficient system of post-harvest, processing and marketing, and educating farmers in the workings of the market thus, preparing them for the realities of global competition brought about by impending implementation in 2010 of the ASEAN Free Trade Agreement wherein tariffs for agricultural commodities will be set at the maximum of 5% and the opening of the country's agricultural market to the world under the General Agreement on Tariff and Trade and of the World Trade Organization (GATT-WTO).
It was likewise, agreed during the meeting that the ACES must be spearheaded by the private sector with recognized government interventions in some key areas, like logistics support (communication services, office space, etc.) and manpower resources, at least in the initial stages, buy at a support price, realistic enough to reflect the true cost of production and the supply-demand situation in the market and sell/trade the commodity similar to market conditions to avoid distortions in the marketing of the produce.
In line with the ACES objectives, the EETS for Corn was introduced as an initial project of the government towards supporting corn farmers in marketing their produce and allowing them to improve income through less marketing layers and cost. This system now provides an assurance to accredited corn farmers that NFA will initially procure deposited stocks at pre-determined price level. Bids can now be transmitted electronically through the NFA's computer system via the internet and transactions/deals are done in near real-time basis. Finally, the electronic system is more transparent and could be a credible monitor of price and market trends for use in decision-making both in the private and government sectors.