Floor Price on Rice, Corn Trading Backed

The government should prioritize the implementation of the floor price mechanism for both palay and corn in the last three years of the Marcos administration, the Philippine Chamber of Agriculture and Food Inc. (PCAFI) said.

- — Jasper Emmanuel Arcalas

PCAFI said the imposition of the floor price mechanism would "guarantee" farmers' income amid volatile markets.

The Department of Agriculture (DA) earlier disclosed that the implementation of a floor price mechanism on palay was in the works.

House Speaker Martin Romualdez has filed a bill that included a provision that empowers the National Food Authority (NFA) to enforce a floor price on palay.

A floor price refers to the minimum allowed buying price for a commodity. The bill outlined possible penalties for violators of the proposed floor price system.

At present, only tobacco has a nationwide floor price as mandated by existing laws and regulations.