President Ferdinand Marcos Jr. has pledged to provide P10,000 in cash assistance to farmers affected by the continued drop in palay (unhusked rice) farmgate prices.
During his visit to Cagayan on Tuesday, Marcos expressed the need for the government to assist farmers struggling with low prices for their harvests.
‘We have planned to give P10,000 each to those who suffered farmgate losses,’ President Marcos said in Filipino.
Marcos also directed the National Food Authority (NFA) to increase its palay procurement, setting buying prices at P18-P19 per kilo for wet palay and P21-P23 per kilo for dry palay to stabilize the market.
Traders have reportedly been purchasing palay at only P8 to P10 per kilo.
Marcos added that the government would expand its support through direct assistance programs, wider crop insurance coverage, and the provision of additional farm machinery for cooperatives