NFA Decides To Flood PH Markets With Millions Of Imported Rice
NATIONAL FOOD AUTHORITY (NFA) – The NFA has decided to flood the Philippine markets with millions of bags of imported rice.
According to Agriculture Secretary William Dar, the NFA would be releasing 3.6 million bags of imported rice. These bags have been stored in NFA warehouses for months, he added.
The Agriculture Secretary said this in a press briefing in Quezon City. He also state that these bags of rice would be sold for P27 per kilo.
Dar gave the NFA until October 10 to empty its stocks. He then added that this action would have an impact in lowering prices in the markets.
According to Manila Times, an estimate of P4.8 Billion would be generated from the sales of these imported rice. The profits could then be used to procure palay (unhusked rice) from local farmers.
The sale of the imported rice by the NFA would bring down the prices of commercial rice, said NFA Admin Judy Dasal. She also stated the price would lower to P40 per kilo.
Following this, Dansal said that market prices for rice should be between P32 to P34 per kilo. However the lowest price in the markets right now is P40, Dansal added.
She then said that what they would consider as good news is if the price of rice would be P32 to P34. She then stated that these prices are already reasonable for the public market.
As this develops, Dar also announced that the NFA has opted to increase the price of palay. He stated that the buying price would increase from P17 to P19.
Dar emphasized that the P2 peso per kilo increase could possibly equal to an extra P8000 for farmers. This is based on current national average yield of four tons per hectare.
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