Manila: The supply of rice remains stable despite the effects of global oil pressures, the Department of Agriculture (DA) assured on Tuesday.

According to Philippines News Agency, Agriculture Secretary Francisco Tiu Laurel Jr. stated that the rice supply will be secured for the entire year, considering a good local palay (unhusked rice) harvest alongside global rice availability from the world's major rice exporters like Vietnam and India. He emphasized that any potential issues with the rice supply are not anticipated to arise this year.

Tiu Laurel clarified that the 20 percent projected decline in palay output represents only the 'worst case scenario' related to the effects of Middle East tensions. This estimation considers the impact of higher global oil prices and increased fertilizer costs, assuming no government intervention occurs.

Tiu Laurel assured that 'early action, strong inventory levels, and flexible policy tools' will help maintain food security. The government's early interventions include the release of fuel subsidies and the target distribution of PHP10 billion worth of Presidential Assistance for Farmers and Fisherfolk. Additionally, there are plans to utilize part of the quick response fund for procuring biofertilizers and an additional PHP20 billion for farm input.

The DA is also providing logistical support to local food producers to alleviate rising transport costs. Furthermore, the department assured a sufficient supply of rice priced at PHP20 per kilogram under the Benteng Bigas Meron (BBM) Na initiative. Tiu Laurel explained that this initiative involves purchasing rice by the National Food Authority from local farmers, ensuring affordability for consumers and support for domestic producers.