DBM doubles rice buffer stocking budget
The Department of Budget and Management (DBM) raised the allocated funding for the buffer stocking program of the National Food Authority (NFA) in a bid to ensure sufficient supply of the staple food in times of crisis.
In a statement, Budget Secretary Amenah F. Pangandaman said on Tuesday, Oct. 11, that the budget for buffer stocking program of the state-owned grains agency was doubled to P12 billion for next year from P7 billion in 2022.
“By increasing the budgetary allocation for the buffer stocking program, we are stressing the importance of ensuring food affordability, especially rice, which is a staple food for Filipinos,” Pangandaman said.
“This is also our strategic plan for food security in times of crisis since our country is prone to natural calamities,” she added.
Under the proposed 2023 national budget, the provision for buffer stock capacity has increased from nine days to 15 days.
The allocated P12 billion budget for the buffer stocking seeks to procure 631,579 metric tons (MT) of palay from local farmers.
Moreover, there is an allocation of P0.67 billion for the purchase of high-quality rice and corn seeds for seed buffer stocking under the Department of Agriculture (DA).
This is to ensure enough supply of seeds to be used during calamities and emergencies affecting rice and corn production, Pangandaman said.
The DBM chief said the increased budget allocation for the buffer stocking program also supports the Marcos administration’s 8-point Socioeconomic Agenda, with food security as one of the top priorities.
For fiscal year 2023, the Marcos administration has allotted a total of P184.1 billion for the agriculture sector – a substantial increase of 39.2 percent from its 2022 allocation – to ensure food security and agricultural productivity.
“Agriculture remains one of the main drivers of our push for growth and employment. Hence, it is both a top concern and a top priority of my Administration,” President Ferdinand Marcos Jr. stated in his Budget Message.
The agriculture department is concurrently headed by President Marcos.
Earlier, the DBM also has doubled the allocation for the assistance to farmers and fisherfolk under the proposed P5.268-trillion national budget for 2023.