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The National Food Authority announced on Thursday it has raised its buying prices for palay to a range of P23 to P30 per kilogram for dry palay and P17 to 23/kg for wet palay to encourage farmers to sell to the government.
“Our current prices couldn’t compete with private traders. We need to incentivize farmers to keep planting rice and even expand their rice fields, especially with the harvest season nearing its end,” said Agriculture Secretary and NFA chairman Francisco Tiu Laurel. Private traders currently offer P27 to P30 per kilo for dry palay, while retail rice prices range from P47 to P57 per kilo, depending on location and quality. The DA asserted that the NFA has already procured some palay for buffer stocks, and aims to buy more before the harvest season ends in May.
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