MALOLOS, May 26 -- The Department of Agriculture (DA) on Monday underscored the need to restore the National Food Authority's (NFA) regulatory powers to help enforce the floor price of palay (unhusked rice) and protect local farmers from unscrupulous traders.

The DA made the statement amid an ongoing study on possible legal ways to set a floor price under the Price Act, Anti-Agricultural Economic Sabotage Law, and other enabling laws.

The floor price, which refers to a state-imposed minimum price for goods or services, must at least cover the production cost of palay farmers, according to DA Secretary Francisco Tiu Laurel Jr.

"Seriously na pinag-aaralan natin iyong sa DA iyan at naghahanap kami ng legal avenues para ma-implement ito (w...