NFA’s 2017 rice purchases, way below target
The National Food Authority (NFA) said its procurement of palay last year stood only close to a fifth of its 2017 target as traders offered higher prices against which the agency found difficult to compete.
In a statement, the state-run grains agency said it purchased 569,788 bags of palay, significantly below its target of 3 million bags.
Bags purchased last year were bought at P17/kilogram. Palay farmgate prices averaged at P18-P22/kg during the period.
At the estimated palay production cost of P12.18/kg, the NFA’s buying price gave farmers an income of P4.82/kg or a total of P137.3 million for the total volume bought.