NFA Attains 97% Of Target Palay Purchase For 1st Half of 2024

The National Food Authority (NFA) has announced that it has achieved 97 percent of its target palay procurement for the first half of 2024, thanks to the new pricing scheme.

The NFA aims to reach a total of 300,000 metric tons of rice for the national buffer stock. I Photo: Philippine Information Agency

This achievement translates to 2.93 million bags of palay, nearing the NFA's target of 3.08 million bags.

Larry Lacson, Acting Administrator of NFA, stated, “We’re now at 97 percent of our buying target for the first half with the whole month of June left. Farmers in several provinces in northern Luzon have yet to complete their harvest and they’ve appealed to the NFA to continue with our procurement.”

Lacson explained that the higher buying price range has enabled the NFA to purchase dry and clean palay for PHP23 to PHP30 per kilogram, and fresh and wet palay for PHP17 to PHP23 per kilogram.

Additionally, the NFA has implemented a fast lane for farmers selling up to 50 bags of play.

To address space constraints in its warehouses, the NFA will start milling its stock. This measure will help meet the Department of Social Welfare and Development's (DSWD) requirement of 500,000 rice bags.

“Our problem now, and it is a pleasant one, is that we are running out of space in our warehouses, especially in Region II,” Lacson noted.

Agriculture Secretary Francisco Tiu Laurel Jr. praised the increase in rice procurement, stating, “We are pleased that the NFA Council’s decision has resulted in a significant increase in our rice buffer stock, especially with the onset of the typhoon season.”

The NFA aims to reach a total of 300,000 metric tons of rice for the national buffer stock. Secretary Laurel affirmed the administration’s commitment to reducing retail rice prices for consumers, aligning with President Ferdinand R. Marcos Jr.'s food security goals.