AGRICULTURE Secretary Francisco Tiu Laurel, Jr. has formed a Technical Working Group (TWG) tasked to draft the rules and regulations to implement Section 9 of the Price Act relating to agricultural products.
The Price Act, or Republic Act 7581, was enacted to stabilize the supply and prices of basic necessities and prime commodities, to safeguard consumers against unreasonable price hikes and ensure fair practices within the market. The Department of Agriculture was identified as the lead agency tasked to stabilize prices of agricultural crops, fish and other marine products, fresh meat, fresh poultry, dairy products, fertilizers and other farm inputs during emergencies.
The Special Order 18 issued by Sec. Tiu Laurel underscores Section 9 of RA 7581 that provides the allocation of a buffer fund for the procurement, purchase, importation or stockpiling of basic necessities or prime commodities, and determine ways to distribute these items during times of shortages or if there is a need to influence market prices.
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