The Department of Budget and Management (DBM) on Tuesday doubled the allocated funds for the National Food Authority (NFA) buffer stocking program to ensure sufficient supply of the staple food in times of crisis.
The budget for the program was raised from P7 billion in 2022 to P12 billion in 2023.
Budget Secretary Amenah Pangandaman underscored the importance of ensuring food affordability, especially rice as the staple food for Filipinos, by increasing the budgetary allocation for the buffer stocking program.
“This is also our strategic plan for food security in times of crisis since our country is prone to natural calamities,” Pangandaman said.
The increased budget allocation for the Buffer Stocking Program is in line with the Marcos administration’s 8-point Socioeconomic Agenda, with food security as one of the top priorities.
Under the proposed 2023 National Budget, the provision for buffer stock capacity has increased from 9 days to 15 days.
According to DBM, the allocated P12 billion budget for the Buffer Stocking Program seeks to buy 631,579 metric tons 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.
This is to ensure enough supply of seeds to be used during calamities and emergencies affecting rice and corn production.
