The National Food Authority (NFA) is on track to surpass its palay procurement target for 2024, according to NFA acting administrator Larry Lacson.
Lacson said the NFA has already procured 98 percent of its target of 495,000 metric tons (MT) of rice for the year.
“We are confident that going to wet season, we will hit 100 percent of the target. We only need to fill the remaining two percent,” he said during a palay procurement sortie in Bulacan Friday.
The NFA’s aggressive buying in palay-producing provinces aims to achieve the target within 1 to 2 weeks and build stockpiles in preparation for the upcoming La Niña weather phenomenon.
The NFA’s rice equivalent stocks are sufficient for the Department of Social Welfare and Services (DSWD) needs, Lacson said.
Lacson reassured the public that the DSWD continues to procure rice from the NFA for prepositioning during lean months and as part of government social programs.
While the NFA currently has a 4-day rice inventory, additional purchases during the next cropping season will bridge the gap and fulfill the 9-day inventory requirement.
The NFA’s well-milled rice inventory currently sits at 136,000 MT, enough to feed Metro Manila for 35 days in case of a major typhoon. This represents a significant increase from the 145,000 bags of rice held last year.
Lacson emphasized that the recent reduction in rice import tariffs will not impact the NFA’s palay buying price.
The agency remains committed to supporting farmers by offering a competitive P30 per kilogram price for palay. The NFA will continue to monitor market trends and adjust their buying price slightly above market rates to incentivize farmers.
