DA investigates low palay prices, NFA to buy from farmers

The Department of Agriculture is investigating traders in at least 32 areas in Luzon who are allegedly buying palay from local farmers at very low prices, with some reports indicating prices as low as PHP13 per kilogram.

National Food Authority (NFA) Administrator Larry Lacson on Wednesday ordered the buying of palay in these affected areas to support fair prices for farmers.

The NFA reported a five-year high palay procurement from local farmers under the Marcos administration, purchasing 4 million bags since January.

Agriculture Secretary Francisco Tiu Laurel confirmed that the DA is considering setting floor prices for palay purchases and studying laws such as the Price Act and the Anti-Agricultural Economic Sabotage Act to prevent farmers from selling their produce below production costs.

Lacson also reported a national rice buffer stock of 409,000 MT (8.19 million bags) of equivalent milled rice, sufficient for the country for 10.7 days in case of calamities and natural disasters.