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The National Food Authority said it is on track to exceed its target for buying palay, or unhusked rice, in the first half of 2024.
“Farmers in several provinces in northern Luzon have yet to complete their harvest and they’ve appealed to the NFA to continue with our procurement,” he added. Agriculture secretary Francisco Tiu Laurel Jr. expressed satisfaction with the increased buying and the benefit it provides to farmers. While rice procurement is on the rise, Tiu Laurel acknowledged the continued high retail prices of rice. He assured that the DA and other government agencies are exploring solutions to bring down the cost for consumers.
The bill also extends the validity period for the Rice Competitiveness Enhancement Fund or RCEF for six more years and boosts its budget from P10 billion to P15 billion.
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