World | Philippines
Arroyo allocates funds for food security
Arroyo said her administration could deal with soaring rice prices and fear of food shortage because of strong financial reforms.
- By Barbara Mae Dacanay, Bureau Chief
- Published: 00:34 April 5, 2008
Manila: President Gloria Arroyo has released 43.7 billion pesos (Dh3.97 billion) for a comprehensive food security programme in the Philippines.
During a food summit that she convened with government officials and groups of farmers on Friday, Arroyo launched a rice-stability programme called Fields - an acronym for fertilizer (organic), irrigation and infrastructure, education, loans, dryers and seeds.
Arroyo said her administration could deal with soaring rice prices and fear of food shortage because of strong financial reforms.
"It is paying off. We have the strongest economy in over 30 years, a strong peso, with investments surging in, and we are close to balancing the budget."
"I have been committed to helping to increase and stabilise the supply of rice, as well as to deliver targeted subsidies to the poor who are most directly affected by the global price rises," Arroyo said.
Earlier, Arroyo reached out to Vietnam and other Southeast Asian countries to ensure stable rice supplies.
She has directed for a crackdown on rice hoarding and profiteering.
Meanwhile, Agriculture Secretary Arthur Yap said the government has enough money to import up to 2.7 million tonnes of rice this year.
He said the government has secured the purchase of 1.5 million tonnes, out of which 700,000 tonnes will arrive in July.
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