Philippines: NFA To Release Rice To Stabilize Supplies

Philippines National Food Authority (NFA) has decided to infuse some 28 million bags of rice in the domestic market during the next six months in order to stabilize rice supply in the country particularly during the so-called lean months of rice harvest.

NFA Administrator Jessup Navarro said that the move would preempt any possible spiraling of rice prices especially during the lean months. According to Navarro, NFA’s increased market injection of from 3,000 to 14,000 bags daily has prevented an abrupt increase in the price of rice even after typhoon Frank hit the country.

Average retail price of regular milled rice, is P35.99 per kg and well milled at P38.44 per kg. The high rice consuming area of Metro Manila would get the highest share at an average of 54,633 bags per day for July and August or a total of 6.6 million bags until the year ends.