Support prices, warehouse receipts program
Agreed to institute reference floor/ceiling prices for paddy. Producers are to receive a minimum of Pesos 108 000-122 000 per 125 kgs (USD 475 - 537 per tonne) depending on the various production areas, and no more than Pesos 118 000-132 000 (USD 519 - 581 per tonne). The price band will be implemented within the framework of the storage incentive programme, which is to operate between 16 July and 30 December 2013, and will be accompanied by efforts to increase border protection and support the industry gain competitiveness.
Exchange rate as of 1 April 2013