The National Food Authority (NFA) is projected to earn P557.3 million following a council-approved increase in rice selling prices to the Department of Social Welfare and Development (DSWD) and other government agencies.
Agriculture Secretary Francisco Tiu Laurel Jr. stated that this price hike will not only reduce NFA losses but also provide additional resources to purchase more unmilled rice (palay) from farmers.
The NFA previously faced a P6.19-billion net loss after acquiring a nine-day buffer stock of 300,000 metric tons of rice.
With the new selling price of P38 per kilo, NFA Administrator Larry Lacson noted that the additional revenue will allow the agency to buy an extra 400,000 bags of palay, enhancing the rice buffer and boosting farmers’ incomes.
The NFA has also sought P11 billion in procurement funds from the Department of Budget and Management to support its purchasing goals this wet season.
Source: PhilNews24 | October 3, 2024
