NFA begins buying rice from farmers at a higher price
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00:00 The country's rice farmers have something to smile about with the NFA in the midst of shoring up the nation's
00:07 buffer stock by purchasing unhusked rice grains or palay at a high and favorable price to local farmers.
00:14 This, as the presidential directive to ease importation
00:18 procedures and rid non-tariff barriers is in effect to ultimately lower food costs and help in securing the country's food supply as
00:27 our Claysel Pardilia lays out in this report.
00:30 The National Food Authority has started buying palay from the country's farmers at a higher price.
00:38 Freshly harvested palay is being acquired for 17 to 23 pesos per kilogram.
00:45 Dried husked grains are bought at prices reaching up to 30 pesos.
00:49 This price is higher than the previous procurement price ranging from 16 to 23 pesos.
00:56 Well, it should help the farmers earn more money, you know, while we can do buffer stocking, at least settle and do harvest.
01:06 We can increase our stocks.
01:09 We can still chase the region. Region 3, they are buying and the feedback is good.
01:17 According to the Philippine Statistics Authority, the rice harvest for the first quarter of 2024 is projected to reach up to 4.8 million metric tons.
01:28 The Federation of Free Farmers is worried that local rice production may fall short should the effects of El Nino extend.
01:36 If you convert to rice, you will add importation and carryover stocks from last year.
01:47 Our ending stock of March 30 is about 60 days. From April 1 to June 30, if there's no importation, our June 30 stocks will be down to 30 days.
02:05 It's dangerous.
02:06 It's important that we have 60 days of healthy inventory and that the imported rice continues to arrive. We have no problem.
02:17 Under the new directive of President Ferdinand R. Marcos Jr., the procedures and policies for importing agricultural products are being streamlined and simplified.
02:28 Non-tariff barriers have been ordered removed and the minimum access volume or import limits for certain products have been increased.
02:37 This to combat rising prices and ensure an adequate food supply.
02:41 According to some importer groups, some traders still have existing inventories. Lower food prices, especially pork, may be felt in the Burmonds.
02:51 Additional in quota, and of course you have more pork that arrives at a lower price and you let the market achieve its equilibrium. But there has to be enough supply to meet, to satisfy the demand.
03:06 But the Federation of Free Farmers lamented.
03:09 We think imports are not the solution to inflation. The solution is propping up domestic supply.
03:22 Senator Cheese Escudero expressed support for the President's move but suggested focusing more on promoting local products over imports.
03:31 Senator Nancy Binay emphasizes the importance of thoroughly studying and providing the right direction for such policies based on their cost-benefit implications.
03:41 Khalee Zalpardilla for The New and Better Philippines.