Workers unload sacks of rice from Thailand into a warehouse in Tondo, Manila on June 23, 2022.  George Calvelo, ABS-CBN News

Rice imports

Lady Vicencio

ABS-CBN News

MANILA - A 10-day buffer stock for select agricultural products has been proposed to ensure that prices of commodities will be stable, the Department of Trade and Industry said on Monday.During the meeting of the National Price Coordinating Council, DTI Consumer Protection Group Assistant Secretary Amanda Nograles shared the Department of Agriculture’s proposal to craft Implementing Rules and Regulations on buffer stocking on agricultural products.Commodities eyed to be procured for buffer stocking are products identified to be drivers of inflation including rice, corn, sugar, onion, pork, and fertilizers.“Ang goal po sana nito in addition to creating a market-based mechanism to decrease the price by increasing the supply, magiging deterrent din siya sa mga hoarders tsaka those who are engaged in illegal price manipulation,” Nograles said.(In addition to creating a market-based mechanism to decrease the price by increasing the supply, the goal is also to act as a deterrent to hoarders and those who are engaged in illegal price manipulation.)<div><iframe width="640" height="360" src="https://www.youtube.com/embed/9Lb1e_yv4RE?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>Nograles noted that if implemented, this will be the first time that buffer stocking for agricultural products will be invoked under the Price Act.“Kasi ang lumalabas,’ pag merong buffer stock tayo, iisipin nila the government can intervene anytime and it can be a deterrent for illegal price manipulation,” Nograles said.(Because when we have a buffer stock, they will think the government can intervene anytime and it can be a deterrent for illegal price manipulation.)During the meeting, the Bangko Sentral ng Pilipinas projected that inflation may shift towards the upper end of the government target of 2 to 4 percent driven by the increase in prices of rice, vegetables and meat.DTI Undersecretary Ed Sunico said they are looking to partner with the private sector for cold storage for these agricultural products should the 10-day buffer stocking be implemented.While the DA is looking to craft the IRR for the 10-day buffer stocking of agricultural products, DTI said that an IRR is not required under the Price Act for the implementing agency to implement buffer stocking.Section 9 of the Price Act gives power to the implementing agency to procure, purchase, import, or stockpile basic commodities and to distribute these for sale to address supply shortages or if there is a need to effect changes in its prevailing price.

Commodities eyed to be procured for buffer stocking are products identified to be drivers of inflation including rice, corn, sugar, onion, pork, and fertilizers.

Commodities eyed to be procured for buffer stocking are products identified to be drivers of inflation including rice, corn, sugar, onion, pork, and fertilizers.

Agri dept eyes 10-day buffer stock on rice, corn, pork | ABS-CBN

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Agri dept eyes 10-day buffer stock on rice, corn, pork

Agri dept eyes 10-day buffer stock on rice, corn, pork

Lady Vicencio,

ABS-CBN News

Published Apr 22, 2024 07:36 PM PHT

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National Price Coordinating Council

NPCC

Department of Agriculture

Department of Trade and Industry

DA

DTI

inflation

agricultural products

10-day buffer stock

rice

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