Manila, Oct. 14 -- President Ferdinand R. Marcos Jr. on Tuesday announced that farmers affected by low farmgate palay (unhusked rice) prices will each receive PHP10,000 from the government.

"Meron tayong pinaplano na tig-PHP10,000 na nalugi dahil sa pagbagsak ng bilihan ng palay (We are planning to give PHP10,000 each to those who suffered losses due to the drop in palay prices)," Marcos said during the inauguration of the union water impounding dam in Claveria, Cagayan.

The National Food Authority (NFA), he said, is also procuring palay at higher prices, currently buying wet palay at PHP18 to PHP19 per kg. and dry palay at PHP21 to PHP23 per kg.

He said the NFA's buying price is significantly higher than the PHP8 per kg. offered by so...