NFA secures P9B for wet season rice procurement

The National Food Authority (NFA) has secured a P9-billion budget to support rice farmers during the wet harvest season, announced Agriculture Secretary Francisco Tiu Laurel Jr., who is also the NFA Council chairman.

This funding will help the government procure around 7.2 million bags of palay at P25 per kilo, aligning with their procurement target and supporting more farmers with an adjusted buying price range.

NFA acting Administrator Larry R. Lacson noted that these measures would help bolster the country's national rice buffer stock while providing financial relief for farmers during a challenging period.

The NFA has used up its P8 billion carry over funding from last year, and the Department of Budget and Management (DBM) will release the funds in equal installments over the remaining months of the year.

These adjustments aim to benefit both rice producers and consumers by maintaining farmer support while reducing consumer costs.

This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.

Topics in this story

Explore more stories about these topics