Philippines hikes budget for rice buffer stocks on supply concerns - BusinessWorld Online

  • 📰 bworldph
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 68%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The 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.

PHILSTAR FILE PHOTO

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: interaksyon - 🏆 24. / 51 Read more »