Two warehouses of the National Food Authority (NFA) posted positive growth in palay procurement, meeting target volumes even beyond 100 percent.

The NFA Bicol region reported that it surpassed its target palay stocks by over 442 percent.

According to NFA-Bicol Regional Manager Julie Llenaresas, their target was to buy 51,500 bags of palay for buffer stock, but they were able to procure 313,485 bags of 50 kilos each.

She said the three branches of the NFA in the region exceeded over 100 percent palay acquisition — Albay at 240 percent, Camarines Sur at 745 percent, and Sorsogon at 154 percent.

Moreover, Llenaresas expressed optimism about raising the province’s rice inventory as they still have two weeks of harvest.

Meanwhile, the NFA Cagayan branch office also reported surpassing its palay procurement goal for January to June this year.

Farmgate pricing

According to the agency’s provincial branch, their unmilled rice stock currently stands at 102.5 percent, with procurement of 541,510 bags of palay — higher than its goal of 528,000 bags.

The NFA reported on Wednesday that as of 15 May this year, an additional 2.41 million 50-kilo bags were procured since improving its buying prices for palay.

It followed the NFA Council’s approval to increase its purchase price for palay in April after its slack procurement due to private traders outbidding them with higher buying prices.

Currently, clean and dry palay has a buying price range of P23 to P30 per kilo, up from the previous buying price of P19 to P23 per kilo.

Fresh and wet palay may now be bought at P17 to P23 per kilo, from its previous price of P16 to P19 per kilo.