MANILA, Philippines – State rice importer National Food Authority (NFA) is allotting P2.3 billion for palay-buying nationwide as the harvest season begins.
The P2.3-billion is under the Cereal Procurement Fund (CPF) that will be used to finance extensive palay-buying operations across the country.
The NFA targets to buy 2.6 million bags of palay from local farmers nationwide until yearend.
It buys palay at P17 per kilogram and the standard 50-kilogram bag costs P850.
NFA also clarified that the P2.3 billion is just an initial allocation and it could shell out additional budget should there be more farmers who would want to sell their palay produce.
“We are ready to set up more funds should there be a need to buy more palay,” NFA officer-in-charge Tomas Escarez said.
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“We shall be focusing our procurement operations on the 35 provinces across the country with surplus production identified by the Philippine Statistics Authority,” he added.
These provinces include Abra, Ilocos Norte, Ilocos Sur, Pangasinan, La Union, Kalinga, Cagayan, Isabela, Nueva Vizcaya, Ifugao, Quirino, Aurora, Bataan, Nueva Ecija, Tarlac, Occidental and Oriental Mindoro, and Palawan.
The NFA will also buy from farmers in Camarines Sur, Antique, Capiz, Iloilo, Leyte, Zamboanga del Sur, Zamboanga Sibugay, Bukidnon, Davao Oriental, North Cotabato, Sultan Kudarat, Maguindanao and Agusan del Sur.
