Philippine Agriculture Secretary Francisco Tiu Laurel declared a food security emergency concerning rice on Sunday to stabilize the extraordinarily high prices of the staple grain.
“This emergency declaration allows us to release rice buffer stocks held by the National Food Authority (NFA) to stabilize prices and ensure that rice, a staple food for millions, remains accessible to consumers,” Laurel said in a statement.
The declaration was made based on recommendations from the National Price Coordinating Council.
Under the Rice Tariffication Law, the Agriculture Secretary is empowered to declare a food security emergency in response to extraordinary price increases.
The decision allows the Department of Agriculture to direct the NFA to release buffer stocks to government agencies and local units to help curb rising rice prices and protect consumers from further hikes.
Laurel stated that the emergency measures would remain in effect until rice prices are stabilized, Xinhua news agency reported.
In December 2023, the Philippines’ rice inflation hit a staggering 21.4 percent.
Meanwhile, the Philippine Statistics Authority (PSA) reported last week that the country’s Gross Domestic Product (GDP) grew by 5.6 percent in 2024, below the government’s target range of 6 to 6.5 percent.
“While the GDP growth falls short of our target, we are positioned as the third-fastest growing economy in the region,” said National Economic and Development Authority Undersecretary Rosemarie Edillon.
Edillon noted that the Philippines faced significant setbacks in 2024, including extreme weather events, geopolitical tensions, and subdued global demand. The agriculture sector, in particular, suffered due to a series of six typhoons between late October and mid-November.
Looking ahead to 2025, Edillon emphasized the importance of building economic resilience through diversified growth sources and price stability.
“We will ensure a stable food supply and prevent unwarranted price increases through strategic trade policies, timely release and distribution of production and post-production support, and proactive measures against hoarding,” she added.
(Inputs from IANS)
