National Food Authority (2)

November 5, 2007 FIRB RESOLUTION NO. 011-07 SUBJECT MATTER : National Food Authority (2) WHEREAS, the National Food Authority (NFA) is mandated to ensure food security and grains supply in the country and stabilize their prices; ADSTCa WHEREAS, there is a need to stabilize the price and supply of basic food commodities, particularly rice and corn which are the Filipino staple food items; WHEREAS, to achieve these objectives, the NFA has resorted to rice and corn importations to augment domestic production, in the process incurring duty obligations thereon to the Bureau of Customs (BOC); cIACaT WHEREAS, the FIRB already approved the amount of P14,093,604,023.00 covering the duties of the NFA's 2007 rice and corn importations per FIRB Resolution No. 2-07; WHEREAS, the NFA applied for additional tax subsidy in the amount of P2,780,677,097.00 corresponding to its 2007 additional rice and corn importations; aHTDAc WHEREAS, payment of its duty obligations would have an adverse impact on NFA's financial position and further exacerbate the magnitude of its loss as duties would form part of its operating expenses; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for tax subsidy of the NFA corresponding to its 2007 additional rice and corn importations in the amount of P2,780,677,097.00 only: Provided, that the initial issuance of 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 200,000 metric tons of corn and 300,000 metric tons of rice authorized by the NFA Council: Provided finally, that such availment shall be in accordance with the terms and conditions of Section 14 of the 2007 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. DcCIAa (SGD.) GIL P. MONTALBO Director Department of Budget and Management (SGD.) ELMER C. HERNANDEZ Undersecretary Department of Trade and Industry (SGD.) MARGARITA R. SONGCO Deputy Director-General National Economic and Development Authority (SGD.) JAMES H. ROLDAN Assistant Commissioner Bureau of Internal Revenue (SGD.) ANGELITO G. URSABIA Officer-In-Charge, Collection Service Bureau of Customs (SGD.) LINA D. ISORENA Executive Director Head, FIRB Secretariat National Tax Research Center (SGD.) GIL S. BELTRAN Undersecretary of Finance Presiding Officer FIRB