Area
Philippines
Commodity Group
Rice
Commodity
All
Date
12/09/2019
Policy Category
Production
Policy Instrument
Government procurement, purchasing prices
Description
Announced that the National Food Authority (NFA) would raise the price at which it purchases locally produced paddy by 11.8 percent to PHP 19 per kg (USD 368 per tonne) of clean dry paddy. At the same time, the agency would no longer offer PHP 3.7 (USD 0.07) per kg worth of cash incentives (consisting of the Buffer Stocks Incentive, the Cooperative Development Incentive Fund, drying and delivery incentives) that had been paid on top of government purchasing prices. Thus, the overall price effectively paid by the NFA when purchasing paddy from producers would be lowered by PHP 1.7 per kg (USD 32.9 per tonne) to PHP 19 per kg (USD 368 per tonne).
Notes
Exchange rate as of 15 October 2019.
