NFA Palay Purchases Soar 781% in January

Higher buying price allowed the National Food Authority (NFA) to expand its purchases from palay farmers in January by more than eight times on an annual basis to over 14,000 metric tons (MT).

- By JASPER EMMANUEL ARCALAS

In its monthly report, the NFA said it procured 14,101 MT of palay from local farmers in January, about 781 percent higher than the 1,600 MT it bought in the same period last year.

"NFA still able to exceed more than 50 percent of its monthly target despite the post-harvest season and it is largely attributed to the implementation of the PRICERS," the state-run grains agency said.

PRICERS or the Price Range Scheme refer to the NFA's buying mechanism wherein it purchases dry and clean palay between P23 and P30 per kilo, depending on the prevailing market prices.