This emergency declaration allows us to release rice stocks held by the National Food Authority to stabilize prices and ensure that rice, a staple food for millions of Filipinos, remains affordable to consumers, DA Secretary Francisco Tiu Laurel Jr. explained in a statement.
According to the statement, the NFA will start selling its rice stocks, even those that are not aging, to local government units, other government agencies, and government-owned and controlled corporations.
Tiu Laurel stated that the move will benefit consumers and local farmers, as cheaper rice will be available and with more purchasing capacity for the country’s reserves.
The state of food security emergency will remain in force and effective until lifted by the DA chief, according to the circular; the formula for determining the existence of an “extraordinary” retail price increase will also be reviewed every four months.
jrr/jav/ro/nvo