NFA buys 6 M bags of palay as of end-July

As of July 25, the NFA has bought 271,852 bags of palay, overshooting procurement target of 159,540 bags by 170 percent for the month. This brought the agency’s total palay procurement since January to 5.7 million bags.

“Our procurement record, where we have been topping our targets since NFA’s mandate was revised to focus on local procurement for buffer stocking, shows that we have been effectively fulfilling our new role and helping farmers earn a reasonable income while consumers enjoy lower rice prices as a result of the rice import liberalization law passed early this year,” NFA administrator Judy Carol L. Dansal said.

“The law stipulates that we can buy only from local farmers so we have stepped up our procurement. That’s why we’re exceeding our targets,” Dansal said. Another factor that allows NFA to successfully carry out its procurement functions is the adjustment in NFA palay buying incentives.

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