The National Tobacco Administration (NTA) approved increases in floor prices for tobacco to be sold in the next two trading years, the Manila Times said.

Floor prices for Virginia tobacco, which comprises 60 per cent of annual production, will be raised to PHP 82 (EUR 1.35) for grade AA vs PHP 81; PHP 81 for grade A (PHP 79); PHP 80 for grade B (PHP 79); PHP 78 for grade C (PHP 75); PHP 70 for grade D (PHP 68); PHP 69 for grade E (PHP 67); PHP 60 for F1 (PHP 59) and PHP 57 for F2 (PHP 56).
Burley grades were raised PHP 2 for grades A to F to, respectively; PHP 70, PHP 67, PHP 58, PHP 47, PHP 46 and PHP 38. The government sets minimum floor prices for tobacco based on market conditions with the goal of guaranteeing growers a return on investment of at least 25 per cent, the Times said.