(Interaksyon) MANILA— The Philippines will boost its budget for rice buffer stocks by around 70% next year to ensure enough supply in times of global food shortages and emergencies, the budget department said on Tuesday.
The National Food Authority’s allocation for rice purchases from local farmers will increase to 12 billion pesos ($203.74 million) under the proposed 2023 budget, from 7 billion pesos this year.
That will increase the agency’s buffer stock capacity to 15 days of national rice demand, from nine days, the Department of Budget and Management said in a statement.
Rising food inflation and tightness in global commodity supplies are among the biggest challenges facing the administration of President Ferdinand Marcos Jr, who is also the agriculture secretary… Read More
