The San Enrique Multipurpose Cooperative Inc. of San Enrique Negros Occidental is the first farmers cooperative in the province to avail of the National Food Authority's Farmers Option to buy back program, a press release from the NFA said yesterday.

NFA provincial manager Gil Ibarra said that, under the program, the farmers' cooperative organization has the option to buy back the same volume of palay it delivered to NFA within a period of six months.

The program aims to develop the farmers entrepreneurial capability and encourage their involvement in food security and stabilization, Ibarra said in the same press release.

The San Enrique MPCI, headed by Eduardo Moscoso, sold 284 bags of palay to NFA at P10 in November last year.

Aside from the support price, a delivery incentive of P10 per kilogram and P15 per kilogram drying incentive were also given to the cooperative.

The group decided to buy back the same volume of stocks this month and paid NFA the same price of P10/kilogram.

The cooperative sold this to rice traders at a higher price of P12/kilogram, thus, giving them a net profit of about P21,000, the press release also said.

Ibarra said he is encouraging other EO's to avail of this program in order for farmers to earn additional income by giving them the opportunity to sell their produce at better prices especially during lean months.

The San Enrique MPCI was awarded by the Negros Occidental Provincial Government as one of the best Farmers Cooperatives in the province in the Search for the Best Farmers Cooperative in Negros Occidental during the celebration of the Cooperative Month in October last year.*

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