NFA allots P3.9 billion for yellow corn procurement
MANILA, Philippines - The National Food Authority (NFA) will spend P3.9 billion to purchase at least 300,000 metric tons of yellow corn from farmers at the new support price of P13 per kilo.
President Arroyo approved last month an increase in the NFA’s buying price to P13 per kilo for yellow corn, from the previous support price of P11.50 per kilo.
The increase is to help farmers cope with constantly increasing production costs and close the demand-supply gap for the grain.
Corn farmers have welcomed the increase, saying this will encourage them to increase production and allow the sector to attain its production target this year.
National Corn Board vice president Rosallie Ellasus said the new support price is “the best subsidy for farmers, even better than seeds and fertilizer support.”
Prior to the increase, local corn growers were shifting to other crops after farmgate prices of yellow corn dropped to a low of P7 per kilo. – Marianne Go
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