P8-B add'l budget sought for 15-day rice buffer

The National Food Authority needs an additional P8 billion to meet the mandated 15-day national rice buffer stock, NFA administrator Larry Lacson said on Tuesday.

- By HELEN FLORES

At a Palace press briefing, Lacson reported that the NFA currently holds a buffer of 358,000 metric tons or 7.16 million bags of rice, which is sufficient for only 9.36 days of national consumption.

"We still need P8 billion to fill up the 15-day buffer stock. But because our pricing is flexible, we can increase or decrease the price of rice and we can buy more if the rice is relatively cheap," he said.

The amount is in addition to the P9 billion previously allocated to the NFA for purchasing rice from local farmers.