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PIA Press Release
2010/12/09

Bukidnon NFA explains price increase on country's cheapest rice

by Ruby Leonora R. Balistoy

Malaybalay City, Bukidnon (09 December) -- In order to augment the agency's cereal procurement fund, the National Food Authority (NFA) announced that there is a need to increase the wholesale price of NFA rice from P23.50 to P25.00.

Bukidnon NFA provincial manager Cirilo Polinar said that the province is now in its cropping season where rice supply might be abundant in the market.

NFA monitoring team reported that increase of price in retail outlets in the province started December 8.

"The P2.00 earned by the agency from the price increase would help the rice subsidy program of the government and support farmers during harvest time," Polinar said.

The country buys the imported rice at P32.00 per kilo; the government subsidizes P18.00 per kilo, while the operator buys it at P16.75 per kilo.

NFA administrator Angelito Banayo, in a press release, also explained the recent decision of the council calling it as a long-term move for the viability of the agency.

The NFA, however, assured the public that no impending rice shortage and the price adjustment is only normal for a developing country. (PIA Bukidnon) [top]

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