House to back bill restoring NFA’s powers

THE House of Representatives will swiftly act on a proposal to restore the National Food Authority’s (NFA) market regulatory powers once it is transmitted to the chamber, Speaker Ferdinand Martin G. Romualdez said on Monday.

“This NFA revamp bill is one way to lower food prices, empower farmers and protect our consumers,” he said in a statement.

The Agriculture department last week said it is finalizing a draft bill that aims to restore the NFA’s market regulatory powers, such as allowing it again to manage buffer stocks and regulate rice marketing.

The measure also seeks to provide the NFA the power to set floor prices for palay, it added.

Mr. Romualdez said the measure would allow the NFA to “directly intervene” in the rice market by purchasing palay from farmers and releasing buffer stocks during natural disasters, hoarding incidents or suspected market manipulation.

“These are reforms for and within the NFA to benefit both farmers and consumers,” he said, adding that efforts to empower the food agency would include transparency and good governance provisions.

“We’ve learned lessons from the past, and we will ensure that the shortcomings of the NFA are not repeated,” said Mr. Romualdez. — Kenneth Christiane L. Basilio