MANILA - The Philippines' grains procurement agency on Monday said it has set a new price range for buying palay from local farmers to "improve their income" amid the current market conditions.

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In a statement, Malacañang announced that the National Food Authority (NFA) council, chaired by President Ferdinand Marcos Jr, will implement the new price range for buying unmilled rice:

• Dry - P19 to P23
• Wet - P16 to P19

"Nag-decide kami na ngayon ang buying price ng NFA sa dry ay P19 to P23, ang wet ay magiging P16 to P19. Iyon ang naging desisyon ng mga NFA Council," Marcos said.

According to the Department of Agriculture, farmers are currently being paid P16 to P19 for their palay.

The council came up with the new palay buying price range to give Filipino farmers "better income."

According to NFA, the originally proposed P20 and P25 buying price for palay "are just too high and will spike retail prices."

“So, mayroon na silang pagkikitaan. At bukod pa roon, nandiyan na ‘yung price cap para maikalma natin itong nangyayari sa rice prices,” the President said.

Marcos last month approved Executive Order No. 39, mandating a P41 price ceiling for regular milled rice, and P45 for well-milled rice.

• Marcos Jr sets P41, P45 price ceilings on rice nationwide