“This is one of major reasons why we have a rice shortage and why the prices of rice skyrocketed,” Nograles told the Inquirer. “The procurement shortfall affected other programs of the NFA, such as rice distribution and buffer stocking, resulting in higher price of rice, unavailability of NFA rice in the market and lower inventory of rice in various NFA warehouses,” the complaint read. “The diversion of the funds has clearly contributed to the substantial across-the-board escalation of the prices of rice and corn,” Sinag said. The buying price as of the second week of August was P22.28 a kilo—the highest price recorded by the PSA. “We really cannot buy because of our buying price, and that made the funds idle.

Source: Philippine Daily Inquirer August 29, 2018 22:52 UTC