President Ferdinand “Bongbong” Marcos Jr. favors declaring a national food security emergency to help reduce the price of rice, which remains high despite government interventions.
On Thursday, the National Price Coordinating Council (NPCC) recommended to the Department of Agriculture (DA) the declaration of a food security emergency for rice to help stabilize its price.
DA Secretary Francisco Tiu Laurel Jr. said he is still waiting for the recommendation to reach his office. He added that he will consult the President before making a decision.
Marcos agreed with Laurel on the rationale behind the recommendation and emphasized that despite several government interventions, the market is still not functioning as it should.
"The demand and supply curve is not being followed because even now, even if you lower all the inputs, sales are still high," he said.
“And so, we have to force that price down and we have to make sure that the market works properly without friction costs happening because of various things," he added, noting that Congress was also investigating the issue.
If the recommendation is approved, the Agriculture chief is expected to formally declare a national food security emergency by the end of the month.
With this, the National Food Authority (NFA) will be allowed to sell rice stocks to local government units and other government agencies at a lower price. It will also free up space in NFA warehouses as the government procures palay from local farmers in the upcoming harvest season.