The National Food Authority’s allocation for rice purchases from local farmers will increase to 12 billion pesos under the proposed 2023 budget, from 7 billion pesos this year.
Rising food inflation and tightness in global commodity supplies are among the biggest challenges facing the administration of President Ferdinand Marcos Jr, who is also the agriculture secretary. The Philippines is expected to remain the world’s second-biggest rice buyer this year next to China, with purchases projected to hit 3.4 million tons, up 15% from 2021, according to estimates by the U.S. Department of Agriculture.
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