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PIA Press Release
2007/09/18

NFA Iloilo receives P6.8-M initial fund for palay procurement

Iloilo (18 September) -- The National Food Administration (NFA) Iloilo provincial office bared that they have already received the P6.877 million initial remittance for palay procurement in the province of Iloilo recently.

NFA-Iloilo Manager Hedy Jardeleza said they have already started buying palay particularly from seed growers under the "Farmer's Option to Buy Back" (FOBB) scheme.

The FOBB allows individual farmers and farmer organizations/cooperatives to sell their palay with the NFA with the option to buy back the same stocks within six months, giving them the opportunity to avail of their stocks as the need arises or for sale to commercial market in the event that palay prices go up.

"The scheme is the agency's response to farmers or farmer's organizations who need immediate cash especially with the coming of the next planting season since they can used the amount for their production needs," said Jardeleza.

Jardeleza said the NFA buys palay at P10 per kilogram with an additional P0.25/kg incentive for trucking and drying if moisture content of palay delivered is 14 percent and below.

Also, farmer organizations and cooperatives are entitled to an additional P0.25/kg Cooperative Development Incentive Fee (CDIF). These accumulated fees are kept in trust by NFA and maybe withdrawn by the cooperative for purchase of post harvest facilities.

According to NFA the CDIF has been expanded to include purchase of seeds, fertilizers, and other farm inputs, and rice from the NFA or to amortize the FO members' loan from other government agencies. (PIA) [top]

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