Marcos OKs NFA palay price

President Ferdinand Marcos Jr. on Monday said the price at which the government buys rice from farmers will go up

The President said the NFA Council, which he chairs as Agriculture Secretary, agreed on the new buying prices at a meeting Monday.At the same time, Mr. Marcos said the price ceilings that the government imposed will calm rice prices down.

Diokno issued this statement after farmers groups denounced his proposal and called for his resignation. Earlier, Diokno said the Department of Finance was proposing to reduce the 35 percent rice import tariff rates, for both ASEAN and MFN rates, temporarily to 0 percent or at most 10 percent to arrest the surge in rice prices.

Meanwhile, the leader of the minority bloc in the House of Representatives said the government price caps on rice must stay. “If necessary, the government should also subsidize rice traders, not just small retailers, in order to keep the price caps sustainable,” Libanan said.

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MlaStandard /  🏆 20. in PH

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