00:00To clear stocks in storage and make way for new ones from this season's harvest, the
00:05National Food Authority is on a clearance sale for its grains at 35 pesos per kilo beginning
00:11today.
00:12The NFA's move to sell their grains at a loss coincides with today's declaration of
00:17a state of food security emergency to hopefully bring the prices of rice at public markets
00:22down by flooding them with dirt-cheap NFA grains.
00:26Our Christian Bascones tells us more.
00:31After the declaration of food security emergency on rice by the Department of Agriculture,
00:36NFA rice is set to be sold to the public at a lower price compared to the recommended
00:40price of the National Price Coordinating Council.
00:44This declaration aims to influence market prices to go down.
00:47The National Food Authority started coordinating with the participating local government units
00:51across the country for the immediate allocation of stocks.
00:54As of now, the NFA has already sent a communication to the LGUs, we sent a letter inviting them
01:03to participate.
01:04So far in NCR, including Cavite, because in NFA Cavite is included in NCR, we sent 53
01:13letters and we are waiting for the reply of the LGUs so we can ascertain who are the
01:22interested to participate.
01:24There will be 150,000 metric tons of rice to be allocated to each LGU.
01:29The NFA will sell the rice at a price of 33 pesos per kilo and LGUs are allowed to resell
01:34it at a maximum price of 35 pesos per kilo.
01:37The NFA is looking forward to its implementation next week.
01:40Agricultural Secretary Engineer Arnel de Mesa made it clear with the press that this emergency
01:45declaration does not mean that there is a shortage of rice supplies in the country but
01:50it is the resolution of a terrible rice price hike in the market.
01:53This food security emergency is only due to the extraordinary increase in the price
02:02of rice and not because of the lack of rice supply in the country that is being imposed
02:09by the Republic Act 12078 or the amendment to the rice tariffication law.
02:13The NFA explained why the price was slower than the recommended price from the NPCC.
02:19According to them, this will accelerate the sale of the allocated grains so that NFA will
02:24have enough storage space in preparation of the coming harvest season.
02:28Meanwhile, the DA announced the maximum suggested rate of price for imported rice will be reduced
02:33from 58 pesos to 55 pesos per kilo.
02:36A further reduction in the MSRP is expected in the coming weeks and perhaps even below
02:4150 pesos per kilo by early March as projected by Agricultural Secretary Francisco T. Laurel,
02:47Jr.
02:48This is Christian Moscones for a new and better Philippines.
Comments