Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

NFA sets palay buying price at P23-P25 per kilo

by
October 8, 2024
in Top News
0
NFA sets palay buying price at P23-P25 per kilo
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter
Sacks of palay or unmilled rice are seen inside a National Food Authority (NFA) warehouse in Balagtas, Bulacan. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE National Food Authority (NFA) said it set the buying price of palay (unmilled rice) at between P23 and P25 per kilogram for dry and clean grain.

“Our pricing mechanism is a range, so the NFA will implement (a buying price) of about P23 to P25 per kilogram,” NFA acting Administrator Larry R. Lacson told reporters on Tuesday.

Earlier, the NFA Council approved a palay buying price between P23 to P30 per kilo for dry and clean palay and P17 to P23 per kilo for fresh palay.

“It’s not really an abrupt going down in price… In about eight to 10 days the buying price will go down,” he added.

The NFA is tasked with purchasing domestically grown rice and hold it in reserve in the event of shortages or calamities.

“At P23 per kilo, the farmer is still able to profit… So we are managing that we don’t forget our farmers,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters.

The NFA earlier increased the buying price for palay to compete with prices offered by traders.

“World prices have gone down a bit and the price of rice in the market will not fall if the buying price of traders and the government remains high,” Mr. Laurel said.

Mr. Lacson added that the new pricing is part of the government’s effort to tame the price of palay, possibly leading to a fall in prices charged by millers.

“We have to tame the price of palay to pave the way for cheaper rice,” he said.

He added that the NFA will be able to procure more rice for farmers at the lowered price.

The NFA hopes to purchase up to 8.7 million bags of palay before the end of the year, equivalent to up to 435,000 metric tons (MT) of palay.

In the first half, the NFA paid P5.3 billion to purchase 175,000 MT of palay, equivalent to 3.5 million bags. — Adrian H. Halili

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
S. Korean agricultural equipment firms setting up shop in Cabanatuan

S. Korean agricultural equipment firms setting up shop in Cabanatuan

Recommended

Global brands, local reach: Upson’s role in digital transformation

Global brands, local reach: Upson’s role in digital transformation

December 3, 2024
UK manufacturing chills as tax rises stifle demand

UK manufacturing chills as tax rises stifle demand

January 5, 2025
“Stop Racism” by Matt Luca Waterman: A Powerful Anthem for Unity During Global Challenges

“Stop Racism” by Matt Luca Waterman: A Powerful Anthem for Unity During Global Challenges

September 11, 2024
Unveiling the Truth: Blockchain’s Transparency Revolution

Unveiling the Truth: Blockchain’s Transparency Revolution

August 28, 2024
New website created by Essex family to help others mitigate security risks

New website created by Essex family to help others mitigate security risks

November 28, 2024
CREATE MORE bill reaches Senate plenary

CREATE MORE bill reaches Senate plenary

August 5, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved