The National Food Authority (NFA) reported a staggering 485.1% increase in its rice inventory for January, reaching 284,810 metric tons compared to just 48,680 metric tons in the same month last year, according to recent data from the Philippine Statistics Authority (PSA). NFA Administrator Larry Lacson attributed this significant rise to a new flexible buying scheme that allows the NFA to purchase local palay at higher prices, ranging from PHP23/kg to PHP30/kg for dry palay and PHP17/kg to PHP23/kg for fresh or wet palay. This adjustment has enabled the NFA to compete more effectively with traders, who previously offered higher prices to farmers. Lacson anticipates further increases in NFA stocks by the end of February, as the harvest season from February to May begins. The NFA has already started procuring palay in Negros Occidental and Misamis Oriental at prices between PHP23/kg and PHP24/kg. Additionally, the NFA plans to release about 80,000 metric tons of aging stocks. The Department of Agriculture is also set to distribute 150,000 metric tons of NFA rice to various government entities over the next six months to free up warehouse space for the upcoming harvest. Overall rice stocks in the country rose by 6.4% to 2.16 million metric tons in January, with household inventories increasing by 5.4% to 1.1 million metric tons. However, the commercial sector saw a 16.5% decrease to 816,510 metric tons, and corn stocks dropped by 45% to 328,400 metric tons. Senator Sherwin Gatchalian praised the NFA’s initiative to sell cheaper rice, emphasizing the need for transparency and strict monitoring to prevent price manipulation and ensure that the rice reaches underprivileged households. He called for collaboration with local government units and law enforcement to monitor distribution and prevent hoarding.
NFA Rice Stocks Surge by 485% in January, Expected to Rise Further in February
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