The Department of Agriculture (DA) said it will seek approval from the National Price Coordinating Council this week to declare a national food security emergency.
This will authorize the release of rice buffer stocks held by the National Food Authority (NFA) to government agencies and local government units.
In a statement yesterday, DA Secretary Francisco Tiu Laurel Jr. said the plan is to release 150,000 metric tons (MT) or around three million 50-kilo bags of rice over six months, citing NFA administrator Larry Lacson.
Areas with elevated rice prices will be prioritized, he added.
The DA said it is pushing for this initiative as rice prices remain high in certain areas despite global price reductions and the lowering of rice tariffs from 35 percent to 15 percent in July last year.
“This monthly release of approximately 30,000 MT will alleviate high rice prices and prepare NFA warehouses for the upcoming palay procurement season,” Lacson explained.
Lacson also assured sufficient buffer stocks will be maintained to address potential disasters or emergencies.
He said during the rice harvest season which begins mid-February, NFA will procure palay at P23 per kg and maintain a 15-day rice buffer stock equivalent to 555,000 MT, as mandated by the amended Rice Tariffication Law, to meet national consumption needs.
Based on DA’s monitoring of public markets in the National Capital Region, local well-milled rice was being sold at P40 to P55 per kg last Tuesday, while regular milled rice went for P37 to P46 per kg.
Imported well-milled rice was priced P44 to P45 per kilo, while the price of imported regular milled rice ranged from P38 to P48 per kg.
Special variety imported rice fetched P53 to P61 and premium rice, P51 to P58.
Special variety local rice was selling for P55 to P62 per kg, while premium rice went for P48 to P58 per kg.
