Hanoi, Feb. 5 -- The Philippines' Department of Agriculture (DA) has declared a food security emergency for rice in response to a sharp increase in domestic rice prices.
The declaration, issued on February 3, empowers the National Food Authority (NFA) to release rice buffer stocks, aiming to stabilise prices and ensure the continued availability of rice for consumers, said DA Secretary Francisco Tiu Laurel Jr. in a statement.
The emergency measure follows recommendations from the National Price Coordinating Council (NPCC) in light of the significant rise in local rice prices.
The latest report from the US Department of Agriculture's Foreign Agricultural Service (USDA) projected that the Philippines imported 4.7 million tonnes of rice in ...