NFA Secures P9B to Procure Palay for 2024 Wet Season

The National Food Authority (NFA) has secured a P9-billion budget to purchase palay (unhusked rice) for the remaining months of 2024, as part of its buffer-stocking efforts. Agriculture Secretary and NFA Council Chairman Francisco Tiu Laurel Jr. announced that the Department of Budget and Management (DBM) will release the funds in installments over the final three months of the year.

The budget aims to support rice farmers during the wet season, a period when palay prices typically drop due to increased harvests and limited drying facilities. NFA Administrator Larry Lacson noted that the funding would allow the agency to purchase around 7.2 million 50-kilo bags of palay at P25 per kilo, aligning with the agency’s procurement target of 6.4 million to 8.7 million bags.

The NFA has also adjusted its buying price range to P23 to P25 per kilo, reflecting the declining global rice prices and aiming to balance support for farmers with consumer needs. Despite the price adjustment, Tiu Laurel assured farmers that they would continue to benefit from their efforts.