Piñol says P20 palay-buying price resolves NFA’s woes
Department of Agriculture Secretary Emmanuel Piñol believes that increasing the National Food Authority’s (NFA) buying price for palay by P3 would mark a competitive price against that of traders.
Hiking the price to P20 per kilogram from the current P17 per kilogram will draw farmers more to sell to the grains agency rather than to middlemen on whom Piñol have always cast a scrutinizing eye for their ‘greed’ and ‘manipulation’ of the rice market.
This way, the state-run NFA could fill its inventories through local procurement rather than rely on importation.
Last year, the NFA has sought from the NFA council, the decision-making panel on rice regulations, an increase of the buying price to P22, a P5 hike.
However, top economic managers that make up the body thumbed down the request over concerns on the hike’s possible disturbance on inflation — add to this the effect of the implementation of the new tax law.