The Department of Agriculture (DA) said the National Food Authority (NFA) has secured the remaining P9 billion budget for palay procurement this year.
DA Secretary Francisco Tiu Laurel said in a statement yesterday the funding will help government support rice farmers during the wet season when palay prices typically decline due to increased harvests and limited drying facilities.
Tiu Laurel, chairman of the NFA Council, said the Department of Budget and Management will release the funding in equal installments over the final three months of the year.
“The NFA will have enough funds to support rice farmers through the wet season, which is critical for their livelihood,” Tiu Laurel said.
Meanwhile, Larry Lacson, NFA administrator, said the timely release of the palay procurement budget will enable the agency to purchase approximately 7.2 million 50-kilogram (kg) bags of palay at P25 per kg.
“This volume aligns well with the NFA’s wet season palay procurement target of 6.4 million to 8.7 million bags,” Lacson said.
In a separate statement, Tiu Laurel said the DA last month met with Norwegian Ambassador Christian Halaas Lyster to discuss agricultural trade and areas of co-operation between the Philippines and Norway.
Tiu Laurel said the meeting focused on Norway’s goal of increasing trading activity with the Philippines.
DA said the Philippines’ top export to Norway is seaweeds while Norway exports salmon and cheese to Manila.
