NFA Seeks ₱9B Budget Release to Support Palay Procurement and Farmers

The National Food Authority (NFA) is requesting the release of ₱9 billion from the Department of Budget and Management to enhance its palay procurement efforts this year.

Agriculture Secretary Francisco Tiu Laurel Jr. stated that the fund would support farmers and help stabilize prices during the ongoing wet season harvest.

NFA Administrator Larry Lacson added that, with the additional funds, the agency’s budget for rice procurement would rise to around ₱11 billion, allowing them to target the purchase of 6.4 million to 8.7 million bags of palay by year-end.

The NFA has been operating on ₱8.7 billion left over from 2023, and it spent ₱5.3 billion in the first half of 2024 to buy 3.5 million bags of palay from farmers.

To support farmers further, the NFA Council recently increased its palay buying price to ₱30 per kilo, with a minimum floor price of ₱21 per kilo, to counter reports of traders buying palay at ₱16-₱17 per kilo in provinces like Nueva Ecija.

As of September 25, 2024, the NFA had procured a total of 4 million bags of palay.