2023 funds for buffer stock doubled to ensure food security: DBM

Budget Secretary Amenah Pangandaman said the move was to ensure sufficient rice supply in the country, “in times of global food crisis, unforeseen emergencies, and calamities.” (Pixabay file photo)

MANILA – The National Food Authority (NFA) will receive higher funding for its Buffer Stocking Program in 2023 to ensure food security and affordability in the country, the Department of Budget and Management (DBM) said Tuesday.

This, after the DBM allocated around PHP12 billion for the NFA’s Buffer Stocking Program in 2023, nearly doubled from the PHP7 billion earmarked this year.

Budget Secretary Amenah Pangandaman said the move was to ensure sufficient rice supply in the country, “in times of global food crisis, unforeseen emergencies, and calamities.”

“By increasing the budgetary allocation for the Buffer Stocking Program, we are stressing the importance of ensuring food affordability, especially rice, which is a staple food for Filipinos. This is also our strategic plan for food security in times of crisis since our country is prone to natural calamities,” Pangandaman said in a statement.

Under the proposed 2023 national budget, the provision for buffer stock capacity has increased from nine days to 15 days.

The proposed 2023 budget for the program was higher than this year’s budget to enable the government to procure 631,579 metric tons (MT) of palay from local farmers.

The DBM said the increased budget allocation for the program is in line with the Marcos administration’s eight-point socioeconomic agenda, with food security as one of the top priorities.

It also noted that around PHP0.67 billion will also be allotted for the purchase of high-quality rice and corn seeds for seed buffer stocking under the Department of Agriculture (DA).

“This is to ensure enough supply of seeds to be used during calamities and emergencies affecting rice and corn production,” the agency said.

For fiscal year 2023, the Marcos administration has allotted a total of PHP184.1 billion for the agriculture sector to ensure food security and agricultural productivity.

The proposed 2023 budget earmarked for the agricultural industry is 39.2 higher than the budget allocated this year.

In his Budget Message, President Ferdinand “Bongbong” Marcos Jr. said agriculture is “both a top concern and a top priority” of his administration, as it remains “one of the main drivers of our push for growth and employment.”

Marcos, who also serves as Agriculture Secretary, met with his economic team and NFA officials on Aug. 23 to discuss steps to ensure the adequate supply of rice in the country.