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The National Food Authority’s allocation for rice purchases from local farmers will increase to P12 billion under the proposed 2023 budget, from P7 billion 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 tonnes, up 15% from 2021, according to estimates by the U.S. Department of Agriculture.
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Philippines hikes budget for rice buffer stocks on supply concernsThe Philippines will boost its budget for rice buffer stocks by around 70% next year to ensure enough supply in times of global food shortages and emergencies, the budget department said on Tuesday.
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