NFA adjusting buying price of palay to lower staple food cost
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NewsTranscript
00:00Agriculture Secretary Francisco T. Laurel Jr. announced the National Food Authority, or NFA,
00:06will lower the buying price of palay to 23 pesos per kilo from 25 pesos while still supporting farmers.
00:14This price is higher than last year's 16 pesos to 23 pesos range.
00:19In June, the NFA Council set a buying price range of 17 pesos to 30 pesos per kilo to compete with private sellers.
00:27Local rice prices may not drop if palay prices remain high, but farmers can still profit at 23 pesos.
00:35The NFA plans to buy between 6.4 million to 8.7 million 50-kilo bags of palay this wet season.