Agriculture Department Plans to Release NFA Rice Stocks to Combat Rising Prices

The Department of Agriculture (DA) in Manila is preparing to distribute 150,000 metric tons of rice from the National Food Authority (NFA) reserves to tackle soaring rice prices and safeguard against food security crises. The initiative, announced in a recent press release, will see the distribution of approximately three million 50-kilogram bags of rice over a six-month period, targeting regions hardest hit by price increases. Additionally, the DA plans to buy palay at a rate of PHP23 per kilogram in the upcoming months, coinciding with the rice harvest season that begins in mid-February. NFA Administrator Larry Lacson emphasized that this strategy of releasing about 30,000 metric tons of rice each month will help stabilize prices and ready NFA warehouses for the forthcoming palay procurement season. Despite the planned distribution, Lacson confirmed that the NFA will keep adequate buffer stocks to handle any emergencies. This action comes after the government, under President Ferdinand Marcos Jr., decided to lower rice tariffs from 35 percent to 15 percent in July 2024.