“You mean after the NFA announced that the buffer stock will only last for two days, prices went up?” Aquino asked Sombilla. The week after the press release, prices shot up.”Sombilla also said that there was, in fact, an increase in market penetration of NFA rice. Villar accused the NFA chief of exerting pressure on the interagency NFA Council to allow rice imports. The NFA chief explained that the source of NFA buffer stock is local procurement, but it was unable to buy clean and dry rice at P17 because the farm gate price stood at P21. Imported rice to arrive in JuneThe NFA said it expected imported rice to arrive in June, leaving poor Filipinos with no choice but to settle for rice with prices ranging from P42 to P45 per kilo in the meantime.

Source: Manila Times February 27, 2018 16:07 UTC