MANILA, Philippines — The Fee on Audit (COA) lauded the Nationwide Meals Authority’s (NFA)’s efforts in beefing up its rice buffer inventory because it practically hit its goal degree for the primary time in a long time, the Division of Agriculture (DA) mentioned.
The DA mentioned the COA made the “uncommon commendation” to NFA in its newest Audit Remark Memorandum (AOM) issued to the grains company.
The DA mentioned the COA highlighted the near-optimal rice stock ranges achieved by the NFA in 2024 because of its increased and higher shopping for value mechanism.
“We commend the administration in sustaining the required buffer inventory to virtually optimum degree of rice stock that considerably mitigated the chance of not assembly the nation’s meals safety in instances of calamity and emergency conditions,” learn the AOM, signed by audit workforce chief Abdelghani Sultan.
The NFA met its mandated buffer inventory requirement of 300,000 metric tons (MT) final yr – a long-standing problem flagged in earlier audits of the company, in line with the DA.
COA attributed the turnaround to “revolutionary methods and approaches,” particularly the rollout of the Value Vary Scheme (PRICERS), the DA mentioned.
“We’re happy and grateful for this uncommon commendation from COA. It’s a powerful vote of confidence in our efforts to make sure farmers earn honest returns for his or her arduous work in addition to guaranteeing enough rice provide,” mentioned Agriculture Secretary Francisco Tiu Laurel Jr., who additionally chairs the NFA council, the grain company’s highest policy-making physique.
To higher compete with non-public merchants, the NFA Council final yr raised its palay shopping for value to a variety of P17 to P30 per kilo.
“We intention to maintain our aggressive palay procurement particularly in areas the place palay costs are low and can quickly full repairs of 134 warehouses, which is able to enable us to purchase much more palay at honest costs,” NFA administrator and CEO Larry Lacson mentioned.
Launched in April 2024, PRICERS permits weekly value changes of NFA shopping for value to match market situations. The NFA reached 90 % of its 495,000 MT procurement goal for 2024.
“Whereas COA urged the NFA to keep up these positive aspects, the memorandum stands as a major vote of confidence within the company’s reformed technique – marking a transparent departure from earlier criticisms,” the DA mentioned.