DA monitors local market for NFA rice price
To prepare for the Department of Agriculture (DA) and National Food Authority’s (NFA) plan to pull down its market price by flooding the market with low-priced NFA rice, Agri secretary William Dar, visited markets to monitor the price of rice.
Earlier this week, Dar directed NFA to unload 3.6 million bags of stocks in their warehouses to flood markets with P27 per kilo rice and increase the buying price of palay to P19. Shortly after he made early rounds at the Commonwealth market to check if NFA rice is being sold at its prescribed price.
The usual price of commercial rice is at P40 per kilogram, the DA and NFA aims to compete by providing consumers inexpensive options through the swamping the market with P27/kilo rice, Dar is positive that commercial rice will be sold at lower price.
“We also need to have an impact in the market to start a domino effect. Even without the NFA rice, we’ve seen prices ranging from P30-P32 here in commonwealth market. Soon, we hope to see prices from P27-P35 or more but hopefully not higher than P40.” Dar explained.
“This is our balancing mechanism to prevent manipulation (of the price). We’ll see to it that the price of rice in the market will go down. And this is the start of the people being able to buy quality rice at P 27.” He added.
The NFA is set to flood markets with low-priced rice on a national scale before October 10, or until stocks last.