Manila, Feb 3 (IANS): Philippine Agriculture Secretary Francisco Tiu Laurel declared a food security emergency on rice on Monday to stabilise the "extraordinary" rice prices in the country.
"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.
Laurel said the emergency rice declaration is based on the recommendations of the National Price Coordinating Council.
Under the Rice Tarrification Law, the Agriculture Secretary can declare a food security emergency in response to extraordinary price increases.
The declaration allows the Department of Agriculture to direct the NFA to release buffer stocks to government agencies and local government units to pull down the rice prices and protect the consumers from further price hikes.
The declaration is the latest in government efforts to reduce rice prices.
Laurel said the food security emergency will remain in effect until the rice prices are tamed, Xinhua news agency reported.
In December 2023, the Philippines' rice inflation level hit a staggering 21.4 per cent.
The Philippines' Gross Domestic Product (GDP) expanded by 5.6 per cent in 2024, below the government's target range of 6-6.5 percent, the Philippine Statistics Authority (PSA) said last week.
"While (the GDP growth) falls short of our target of 6 to 6.5 per cent, we are positioned as the third-fastest growing economy in the region," said National Economic and Development Authority Undersecretary Rosemarie Edillon.
She said the Philippines faced numerous setbacks in 2024 including extreme weather events, geopolitical tensions, and subdued global demand, similar to the challenges in 2023.
Edillon noted that the agriculture sector, in particular, suffered greatly between late October and mid-November last year, when six typhoons struck the country in succession.
Looking ahead to 2025, Edillon highlighted the need to build better economic resilience with diversified sources of growth 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.