According to a comprehensive report by the Philippine News Agency "GMA News Network" on May 21 and 22, the Philippine House of Representatives passed the amendment to the "Rice Tariff Law" with 231 votes in favor, 3 votes against and 1 abstention, aiming to restore the National Food Administration (NFA) to stabilize rice prices and supply supervision functions.
The Act authorizes the Secretary of Agriculture, on the recommendation of the National Price Coordinating Committee or the Local Price Coordinating Committee, to declare a state of food security emergency in the event of a shortage of rice supply, persistent or abnormal increase in rice prices, and triggers the NFA to initiate the following measures in turn: Release of NFA buffer stocks; Give priority to purchasing local rice; Purchase certified importer rice at cost (no more than 30% of NFA stock); After all local sources of rice have been exhausted, rice can be imported directly with the authorization of the Philippine Secretary of Agriculture. The amendment also empowers the NFA to regulate foreign investment in the rice and corn sectors.
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