MANILA (Bernama-Xinhua: Philippine Agriculture Secretary Francisco Tiu Laurel declared a food security emergency on rice on Monday to stabilise the "extraordinary" rice prices in the country, reported Xinhua.
"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 the 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 December 2023, the Philippines' rice inflation level hit a staggering 21.4 per cent. - Bernama-Xinhua
