NFA palay procurement exceeds Q1 target

The National Food Authority (NFA) bought 32 percent more palay in the first quarter of 2013 than its target procurement volume for the period, the agency said in a statement Wednesday. In the first three months of the year, the NFA bought a total of 2,244,142 bags of rice, 548,242 bags more than the 1,695,900 it had programmed to purchase that period.   In January, the NFA bought 591,575 bags, 14.09 percent more than its 518,500-bag target for the month. In February, the NFA bought 683,219, bags or 39.92 percent more than its 488,300-bag target. And in March, the agency procured 1,069,348 bags or 55.18 percent more than its plan for the month of 689,100 bags. This quarter's procurement is in conctrast to previous years, when the NFA was unable to reach even 50 percent of its monthly or annual targets, said the NFA in the statement. However, the statement said, NFA Administrator Orlan A. Calayag believes that the agency will exceed its procurement targets for the rest of the year. The agency's palay inventory currently stands at 11,685,838 bags or 584,292 metric tons (MT) in total rice equivalent, including local rice stocks of 3,301,408 bags and imported rice totaling 2,717,006 bags.   According to NFA Administrator Orlan A. Calayag, NFA’s buffer stock is at a “very safe” level, which will enable the agency to respond to calamities and emergencies, from typhoons to the exodus of Filipino workers from Sabah.   NFA also reported that rice prices remained stable during the first quarter, averaging at P29.23 per kilogram and P31.02 per kg (wholesale and retail prices respectively) for regular milled rice; P32.34 per kg and P34.40 per kg for well-milled rice; P36.74 per kg and P38.88 per kg for premium rice; and P40.93 per kg and P44.22 per kg for fancy varieties.  — BM, GMA News