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NR #2433B, 06.12.2011, National Food Requirement
NR #2433B, 06.12.2011, National Food Requirement
NR # 2433B
The bill provides for the establishment of the NSFSRC, which shall be attached to the DA. The NSFRC shall be responsible for the formulation of a comprehensive supply and reserve program of the food grains, fishing and vegetable industries. Likewise, the NSFRC is mandated to undertake the duty and tariff-free importation of rice for the government to maintain the appropriate volume of the Strategic Rice Reserve and Government Rice Buffer Stock by July of each year. Furthermore, the NFRC is directed to issue debt instruments that are agri-agra eligible and guaranteed by the national government up to a maximum amount of P5,000,000,000. The measure provides that all assets and liabilities of the NFA not transferred to the NSFRC shall be retained and administered, disposed of and liquidated by the NFA itself and all assets pertaining to the regulatory, developmental and research functions of the NFA shall be transferred to the Department of Agriculture. (30) lvc