DA, NFA increase palay procurement budget to P27B

The Department of Agriculture (DA) and the National Food Authority (NFA) plan to increase the palay procurement budget to P27 billion from P9 billion, aiming to support farmers and stabilize rice prices.

Agriculture Secretary Francisco Tiu Laurel, Jr. stated that this increased funding will help counter low prices imposed by traders on farmers.

On Thursday, NFA Administrator Larry Lacson inaugurated a rehabilitated warehouse in Malolos, Bulacan, which has improved electrical systems, ventilation, and safety features to store up to 70,000 bags of palay or rice.

The NFA also aims to restore certain powers taken away by the Rice Tariffication Law, such as selling rice directly to consumers, to influence palay prices more effectively.

Legislators have shown interest in these proposals for the 18th Congress, and the DA is considering requiring rice traders and retailers to register with the NFA to facilitate monitoring.