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Philippines declares food security emergency to slash rice prices

The declaration, which was widely expected, will allow the government to release buffer stocks to help bring down retail prices, Agriculture Secretary Francis Tiu Laurel said, adding that it would remain in effect until the price situation improves.

“This emergency declaration allows us to release rice buffer stocks held by the National Food Authority to stabilise prices and ensure that rice, a staple food for millions of Filipinos, remains accessible to consumers,” Tiu-Laurel said in a statement on Monday.

The Philippines is among the world’s largest rice importers.

The “extraordinary” rise in local rice prices, despite lower global market costs and a reduction in tariffs last July, prompted the move, according to the Agriculture Department.

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