MANILA, Feb 5 (NNN-PNA) – Philippine Agriculture Secretary, Francisco Tiu Laurel, declared a food security emergency on rice, to stabilise the “extraordinary” rice prices in the country.
“This emergency declaration allows us to release rice buffer stocks, held by the National Food Authority (NFA), to stabilise prices and ensure that rice, a staple food for millions, remains accessible to consumers,” Laurel said in a statement.
Laurel said, the emergency rice declaration is based on the recommendations of the National Price Coordinating Council.
Under the Rice Tarrification Law, the agriculture secretary can declare a food security emergency, in response to extraordinary price increases.
The declaration allows the Department of Agriculture to direct the NFA to release buffer stocks to government agencies and local government units, to pull down the rice prices and protect consumers from further price hikes.
The declaration is the latest in government efforts to reduce rice prices.
Laurel said, the food security emergency will remain in effect until the rice prices are tamed.
In Dec, 2023, the Philippines’ rice inflation level hit a staggering 21.4 percent.– NNN-PNA