MANILA: The Philippines’ National Food Authority (NFA) has proposed importing 330,000 tonnes of rice to cover an expected deficit in its buffer stock, as the government seeks to curb the cost of the staple grain and limit upward pressure on inflation.
The state grains agency needs to beef up its buffer stocks for emergency relief operations, but ramping up its purchases from local farmers could push domestic prices higher, the presidential palace said in a statement on Friday.
Domestic rice prices have crept higher, with the cheapest variety now selling at 36-44 pesos ($0.65-$0.80) per…
