COA cites NFA for rice inventory build up

The Commission on Audit (COA) lauded the National Food Authority's (NFA)'s efforts in beefing up its rice buffer stock as it nearly hit its target level for the first time in decades, the Department of Agriculture (DA) said.

- By JASPER EMMANUEL ARCALAS

The DA said the COA made the "rare commendation" to NFA in its latest Audit Observation Memorandum (AOM) issued to the grains agency.

The DA said the COA highlighted the near-optimal rice inventory levels achieved by the NFA in 2024 thanks to its higher and better buying price mechanism.

"We commend the management in maintaining the required buffer stock to almost optimal level of rice inventory that significantly mitigated the risk of not meeting the country's food security in cases of calamity and emergency situations," read the AOM, signed by audit team leader Abdelghani Sultan.

The NFA met its mandated buffer stock requirement of 300,000 metric tons (MT) last year — a long-standing challenge flagged in previous audits of the agency, according to the DA.

COA attributed the turnaround to "innovative strategies and approaches," especially the rollout of the Price Range Scheme (PRICERS), the DA said.