The National Food Authority (NFA) on Tuesday assured adequate funds to buy more palay (unhusked rice) from local farmers amid the harvest season.
“So far this year, we’ve spent only PHP2.6 billion of the PHP14.6 billion available to us for palay procurement,” NFA Administrator Larry Lacson said in a statement.
He said the available budget includes around PHP5.6 billion in carryover from 2024 unspent funds.
The remaining funds would be sufficient to buy 500,000 metric tons (MT) of palay, equivalent to 6.3 million bags of milled rice, Lacson added.
To date, the NFA is conducting infrastructure upgrades, including improvement of warehouses and handling facilities to ensure adequate capacity for its 15-day increased target national rice buffer stock.
The agency earlier disclosed plans to procure 880,000 metric tons (MT) of palay, equivalent to 555,000 MT of milled rice this year.
As of April 11, the NFA has 7.17 million bags of total rice inventory, including 9 million bags of palay and 1.2 million sacks of milled rice.
The latest inventory level was the NFA’s highest since the end of 2020, achieved under the higher palay buying scheme of PHP23 per kg. to PHP30 per kg. for clean and dry palay; and PHP17 per kg. to PHP23 per kg. of fresh and wet palay.
The palay buying price of dry palay averaged PHP27 per kg. last year, and PHP24 per kg. this year, according to the NFA. (PNA)