NFA targets 211,290 MT of palay procurement
The National Food Authority (NFA) is planning to buy up to 211,290 metric tons of paddy rice from farmers this year, or 3.52 percent higher than its target of 204,115 MT last year.
BusinessMirror reported that the NFA has purchased 22,511 MT of paddy rice from farmers as of March 11, or 11 percent of the procurement target for 2016.
Last year, NFA bought 225,000 MT of palay.
As part of its mandate to stabilize rice supply and prices, the NFA buys palay from farmers at a price depending on moisture content.
Philippine Statistics Authority (PSA) data showed the average farmgate price of paddy rice at P17 to P19 per kilo.
Agriculture authorities have assured that there is enough supply of rice and that government does not plan on importing in the first quarter despite the El Niño which has caused more than P5 billion in agricultural losses.