The new buying price range was set 'in response to the changing production and market conditions,' says Malacañang
MANILA, Philippines – Weeks after setting a price cap on rice nationwide, President Ferdinand Marcos Jr. set a new National Food Authority buying price range forAccording to a release from Malacañang Palace, Marcos led the NFA Council on Monday to set the new price range “in response to the changing production and market conditions.”Nag-decide kami na ngayon, ang buying price ng NFA mula ngayon ay sa dry ay P19 to P23, ang wet ay magiging P16 to P19.
Malacañang said the NFA determined the new price range “to give Filipino farmers better income.” The Palace also quoted Marcos as saying“With the new decided price range, it balances the profit of farmers and will not affect the retail prices as much,” said the Palace in its statement, quoting the NFA.at P23 a kilo, and around P16 billion will be needed if buying prices are pegged at P25 per kilo.
The NFA does not sell rice to the market, but it is tasked to maintain a buffer stock of rice for emergencies and calamities.from areas with excess supply. National Economic and Development Authority chief Arsenio Balisacan, said Malacañang, opined that this would “help elevate farm gate prices.” –
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