The Department of Budget and Management (DBM) has increased the allocated fund for the Buffer Stocking Program of the National Food Authority to P12 billion under the proposed budget for 2023.
In a statement, the DBM said funding for the Buffer Stocking Program will almost double from P7 billion in this year’s budget.
“By increasing the budgetary allocation for the Buffer Stocking Program, we are stressing the importance of ensuring food affordability, especially rice, which is a staple food for Filipinos. This is also our strategic plan for food security in times of crisis since our country is prone to natural calamities,” DBMSecretary AmenahPangandaman said.
Under the proposed 2023 National Budget, the provision for buffer stock capacity has increased from nine days to 15 days. The allocated P12 billion budget for the Buffer Stocking Program seeks to procure 631,579 metric tons of palay from local farmers.
Moreover, there is an allocation of P0.67 billion for the purchase of high-quality rice and corn seeds for seed buffer stocking under the Department of Agriculture. The DBM said this is to ensure enough supply of seeds to be used during calamities and emergencies affecting rice and corn production.
For fiscal year 2023, the government has allotted a total of P184.1 billion for the agriculture sector, a substantial increase of 39.2 percent from its 2022 allocation, to ensure food security and agricultural productivity. – Angela Lorraine Celis
