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26.2 C
Philippines
Saturday, February 15, 2025
26.2 C
Philippines
Saturday, February 15, 2025

NFA rice to flood markets for 6 mos.

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Part of food security emergency—DA

The Department of Agriculture will release 150,000 metric tons of National Food Authority rice stocks as part of the food security emergency declaration and bring down high prices of the staple grain.

The NFA said it will distribute around three million 50-kilogram bags over six months in a bid to stabilize rice prices in areas most affected by cost surges.

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The NFA is also set to procure palay at P23 per kilo in the coming months, with the rice harvest season starting mid-February.

“This monthly release of approximately 30,000 metric tons will alleviate high rice prices and prepare NFA warehouses for the upcoming palay procurement season,” NFA administrator Larry Lacson said.

The emergency declaration includes the sale of NFA rice to LGUs, government agencies and government-owned-and-controlled corporations at P36/kg.

The rice can then be sold to consumers at P38/kg.

Lacson, however, assured the public the NFA would maintain sufficient buffer stocks.

Under the law, the NFA is authorized to maintain a 15-day rice buffer stock, equivalent to 555,000 metric tons, to ensure that the country can meet its national consumption needs.

The DA is awaiting approval from the National Price Coordinating Council to declare the national food security emergency within the week.

Agriculture Secretary Francisco Tiu Laurel Jr. said the declaration will allow the release of NFA rice stocks to key government agencies and local government units to alleviate the ongoing price pressure on rice.

The DA chief noted there are areas where prices remain high despite global price decreases and the reduction of rice tariffs from 35 percent to 15 percent last year.

“They can book already. Then maybe the delivery is maybe February 7 to 15,” Tiu Laurel said earlier, citing the transmittal of letters from the NFA to select LGUs to identify their intent and volume allocation needed.

Editor’s Note: This is an updated article. Originally posted with the headline “DA nudges Price Council to declare food security emergency.”

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