NFA sets new palay buying pricesA farmer looks at his rice farm in Lupao, Nueva Ecija on September 18, 2023. The NFA council set the purchasing price for dry palay from P19 to 23, and for wet palay from P16 to 19. “Aside from that, there’s also a price cap in place to stabilize the situation with rice prices,” he added. The originally proposed buying prices of P20 and P25 were deemed “too high” and were expected to cause a surge in retail prices, the NFA said. Earlier this month, the government began imposing a cap on rice prices to reduce the retail prices of the staple item and penalize hoarding.

Source: Philippine Star September 18, 2023 08:54 UTC