Manila: The Department of Agriculture (DA) is set to release 150,000 metric tons of National Food Authority (NFA) rice stocks to mitigate high prices and address potential food security emergencies. The initiative aims to stabilize rice prices in areas most affected by cost surges.
According to Philippines News Agency, the plan involves distributing around three million 50-kilogram bags over six months. This strategy aims to counteract the rising rice prices and ensure that the affected regions have access to affordable rice. The DA is also set to procure palay at PHP23 per kilo in the coming months, aligning with the rice harvest season starting mid-February.
NFA Administrator Larry Lacson stated in a press release that the monthly release of approximately 30,000 metric tons will help alleviate high rice prices and prepare NFA warehouses for the upcoming palay procurement season. Lacson assured that despite the planned release, the NFA would maintain sufficient buffer stocks for any emergencies that may arise.
This move is in response to the government’s earlier decision to reduce rice tariffs from 35 percent to 15 percent in July 2024, following a directive from President Ferdinand Marcos Jr. The reduction in tariffs was part of a broader strategy to make rice more affordable in the country.
