National Food Authority (4)

December 8, 2015 FIRB RESOLUTION NO. 008-15 SUBJECT MATTER : National Food Authority (4) 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 in rice importations to augment domestic production, in the process incurring duty obligations thereon to the Bureau of Customs (BOC); WHEREAS, on 18 September 2015, the FIRB approved through Resolution No. 6-15 the tax subsidy request of the NFA amounting to PhP1,485,146,250.00 for its rice importation of 250,000 metric tons (MT) under NFA Resolution No. 779-2015-E; WHEREAS, the tax subsidy requested by the NFA and granted under FIRB Resolution No. 6-15 is insufficient to cover the actual billings of the Bureau of Customs amounting to PhP1,494,928,307.00; WHEREAS, the variance in the amount of PhP9,782,057.00 is mainly due to the foreign exchange rate (ForEx) difference between the requested tax subsidy, which is at PhP45.00 to USD1, and the actual ForEx ranging from PhP44.97 to PhP46.56 upon the arrival of the importation; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for additional tax subsidy of the NFA in the amount of NINE MILLION SEVEN HUNDRED EIGHTY TWO THOUSAND FIFTY SEVEN PESOS (PhP9,782,057.00): Provided, further , that the 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 volumes covered by said billings are part of the rice importations authorized by the NFA Council: Provided finally, that such availment shall be in accordance with the terms and conditions of Section 14 of the 2015 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. (SGD.) LAURA B. PASCUA Undersecretary Department of Budget and Management Signed by Representative ADRIAN S. CRISTOBAL, JR. Undersecretary Department of Trade and Industry January 11, 2016 (SGD.) EMMANUEL F. ESGUERRA Deputy Director-General National Economic and Development Authority (SGD.) ESTELA V. SALES Deputy Commissioner Bureau of Internal Revenue (SGD.) VICTOR PABLO C. TRINIDAD Legal Service Bureau of Customs December 10, 2015 (SGD.) TRINIDAD A. RODRIGUEZ OIC-Executive Director National Tax Research Center Head, FIRB Secretariat (SGD.) JEREMIAS N. PAUL, JR. Undersecretary of Domestic Finance Group Presiding Officer-FIRB