National Food Authority (1)

February 10, 2012 FIRB RESOLUTION NO. 001-12 SUBJECT MATTER : National Food Authority (1) WHEREAS, the National Food Authority (NFA) is mandated to ensure food security and grains supply in the country and stabilize their prices; WHEREAS, there is a need to stabilize the price and supply of basic food commodities, particularly rice which is the Filipino staple food; WHEREAS, to achieve these objectives, the NFA has resorted to rice importations to augment domestic production, in the process incurring duty obligations thereon to the Bureau of Customs (BOC); WHEREAS, the NFA Council during its meeting on December 6, 2011, approved the initial importation of 500,000 Metric Tons (MT) of rice for 2012; WHEREAS, the NFA has stated that the private sector will be given priority to undertake the importation of 500,000 MT of rice, using the tax expenditure subsidy under the Private Sector Financed Rice Importation Program for 2012; WHEREAS, the NFA applied for tax subsidy in the amount of P4,853,314,400.00 to cover the duties on the rice importations for 2012; AHCaED NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for tax subsidy of the NFA corresponding to the rice importations of 500,000 MT for 2012 in the amount of FOUR BILLION EIGHT HUNDRED FIFTY THREE MILLION THREE HUNDRED FOURTEEN THOUSAND FOUR HUNDRED PESOS (Php4,853,314,400.00) only: Provided, that the Certificate of Entitlement to Subsidy (CES) shall be issued only upon submission by the NFA to the FIRB of the required billings and/or documents evidencing the importations with a certification from the NFA that the volume covered by said billings is part of the rice importation authorized by the NFA Council for 2012: Provided further, that such availment shall be in accordance with the terms and conditions of Section 13 of the 2012 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision under Executive Order No. 93. cAaDHT (SGD.) LAURA B. PASCUA Undersecretary Department of Budget and Management (SGD.) CRISTINO L. PANLILIO Undersecretary Department of Trade and Industry (Subject to deletion of the phrase "using the tax expenditure subsidy" in the 5th WHEREAS) (SGD.) MARGARITA R. SONGCO Deputy Director-General National Economic and Development Authority (SGD.) MARISSA O. CABREROS Assistant Commissioner Bureau of Internal Revenue (SGD.) RAMON G. CUYCO Director Bureau of Customs (SGD.) TRINIDAD A. RODRIGUEZ Officer-in-Charge National Tax Research Center Head, FIRB Secretariat (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer-FIRB