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The Department of Agriculture’s proposal to have a buffer fund it can use to procure rice and other critical agricultural commodities for stockpiling, which it can later dispose of and sell at lower prices in case of supply shortage or to counter price manipulation, has been approved in principle. “Sa ngayon , in principle it is already approved. We are looking for the funding source… There are several options,” Agriculture Secretary Francisco Tiu Laurel Jr.
The Implementing Rules and Regulations for Section 9 of the Republic Act No 7581 or Price Act was signed by Tiu Laurel on July 5, 2024.
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