April 24, 2024

Philippines' Department of Agriculture proposes buffer stocking to counter price manipulation

The Philippines' Department of Agriculture (DA) has put forth a proposal during the National Price Coordinating Council (NPCC) meeting, suggesting a maximum buffer stock of agricultural products for up to 10 days to combat illegal price manipulation, Philippine News Agency reported.

Following the NPCC session at the Department of Trade and Industry (DTI) office in Makati city, Assistant Secretary for Consumer Protection Group Amanda Nograles highlighted that the DA's proposal aims to stabilise commodity prices by augmenting the supply of these products, consequently driving down their prices.

Nograles specified that the DA is considering the stockpiling of rice, corn, sugar, onions, pork, and fertilisers. To activate this strategy in the future, she mentioned that the DA is formulating implementing rules and regulations (IRR).

However, she clarified that immediate implementation is not yet confirmed, indicating that the IRR might outline the circumstances prompting the government to utilise this mechanism.

According to DTI Undersecretary Jose Edgardo Sunico, the DA is eyeing a maximum stockpile of 10 days for the mentioned commodities, a duration deemed sufficient to stabilize their prices in the future.

Sunico mentioned that DTI Secretary Alfredo Pascual has welcomed the initiative from the DA, considering it as one of the mechanisms to address inflation.

-      Philippine News Agency