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The NFAC approved the buffer stocking incentive (BSI) of as much as P3 per kg last October to help the NFA beef up its buffer stock, which was almost wiped out last year.
'This means NFA will buy the palay products of individual farmers at a maximum buying price of P20.40/kg and P20.70/kg for members of cooperatives and associations,' he said in an interview.
The COA said the NFA also failed to meet its stock target for the year, with Strategic Rice Reserve (SRR) only good for 0.1 day as against its target of 15 days and Government Rice Buffer Stock (GRBS) ony good for three days as against its target of 30 days.
The NFA had attributed this to procedural delays in purchasing rice.
In a latest major change in the food agency's leadership, President Duterte has appointed Dansal as member of the NFA Council.
Maramba noted that the NFA does not see the sale of rice to non-accredited retailers as a threat, as rice sells at a lower cost comparable to the price of NFA rice.
Dar added RA 11203 does not restrict the NFA from selling its rice stocks.
For July alone, the NFA bought 271,852 bags of palay, 170 percent higher than its procurement target of 159,540 bags.
Dansal, a career official, replaced Jason Aquino as NFA administrator.
"As of today, there is enough supply of NFA rice on display and piled at the market stalls selling NFA rice.