Agriculture Secretary Francisco Tiu Laurel Jr., who also chairs the NFA Council, announced that the lower band of the buying price will be set at P23 per kilo, down from the previous floor price of P25.
Agricultural smuggling and hoarding exceeding P10 million are now considered crimes of economic sabotage under the newly signed Anti-Agricultural Economic Sabotage Act, the Department of Agriculture said on Thursday.
The initial impact of the tariff cut has been delayed as traders imported large volumes of rice earlier this year, anticipating shortages due to the El Niño dry spell.
The Agriculture chief said the key to the strategy is reducing inefficiencies caused by outdated infrastructure, particularly through mechanization and improved logistics.
The Department of Agriculture has emphasized the crucial role of strict biosecurity measures in the successful implementation of the African Swine Fever vaccine program after five vaccinated pigs died nine days post-vaccination due to an unreported pre-existing respiratory illness.
Agriculture Secretary Francisco Tiu Laurel, Jr. has called on the Philippine Crop Insurance Corp. (PCIC) to modernize its operations and develop more affordable insurance products for farmers, fisherfolk, and livestock raisers.