Of the amount, only P5.750 billion was disbursed for 302,651 MT of palay procured or 63.05 percent of the target 480,000 MT of palay for 2022, which was partly why the NFA failed to meet the rice buffer stock requirement.
From its data, the COA said the NFA had an average absorption rate of only 1.54 percent of the total palay production of 19.767 million MT in the country, even though the NFA’s buying rate of palay of P19 per kilo was higher by 8.63 percent than the average farm gate price of P17.36. The low absorption rate, according to the COA, could be attributed to “inadequate information dissemination,” especially in the top three rice-producing regions including, Central Luzon, Cagayan Valley and Western Visayas.Your subscription has been successful.