The National Food Authority (NFA) Council chaired by President Ferdinand Marcos Jr. on Monday set a new price range for buying palay in order to improve the income of farmers in the country.
In a video message, the President said he called for a meeting with the NFA Council to discuss the price of palay, and it was decided that the buying price for dry palay would be P23 from P19 and for wet, P19 from P16.
He said the move aimed to improve farmers’ income and ensure sufficient supply of the staple.
“We needed to look into the wet and dry palay because the situation changed,” Marcos said. “So, they will now start earning. We also have a price cap to control the rice prices,” he added.
The NFA said the new price range balances farmers’ profit and will not affect the retail prices as much.
The agency said that if the new buying price of dry palay is P23, the procurement fund needed will be P15 billion at the maximum, while if it is pegged at P25, P16 billion will be required for palay procurement.
It added that imported rice will serve as a buffer for the poor.
It likewise promised to supply poor households to put less pressure on prices.
At the same time, the NFA said it is also looking at providing rice instead of cash assistance.
