DBM hikes budget for buffer stocking program in 2023

The Department of Budget and Management (DBM) said Tuesday it has increased the budget allocation for the buffer stocking program of the National Food Authority (NFA).
 
In a statement, the DBM said the funding earmarked for the buffer stocking program nearly doubled from P7 billion this year to P12 billion in the proposed P5.268-trillion national budget for 2023.
 
The increase was meant to ensure sufficient rice supply in the country in times of a global food crisis, unforeseen emergencies, and calamities, according to the department.
 
“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,” said Budget Secretary Amenah Pangandaman.
 
Under the proposed 2023 budget, the provision for buffer stock capacity has increased from nine days to 15 days. 

The DBM said the proposed P12-billion budget for the buffer stocking program will be for the purchase of 631,579 metric tons (MT) of palay from local farmers.
 
It also said there is an allocation of P670 million for the purchase of high-quality rice and corn seeds for seed buffer stocking under the Department of Agriculture (DA). 
 
The DBM said this is to ensure a sufficient supply of seeds to be used during calamities and emergencies affecting rice and corn production.

The agency said the increased budget allocation for the buffer stocking program supports the Marcos administration’s eight-point socioeconomic agenda, with food security as one of the top priorities.
 
For 2023, the Marcos administration has allotted a total of P184.1 billion for the agriculture sector—an increase of 39.2% from its 2022 allocation—to ensure food security and agricultural productivity. — VBL, GMA News