National Food Authority (3)

December 11, 2012 FIRB RESOLUTION NO. 016-12 SUBJECT MATTER : National Food Authority (3) WHEREAS, the National Food Authority (NFA) is mandated to ensure food security and grains supply in the country and stabilize their prices; cAEDTa 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 has allocated 120,000 MT of rice importations for the NFA for its buffer stock; 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 to cover duties on its regular rice importation of 120,000 MT for 2012 in the amount of ONE BILLION ONE HUNDRED SIXTY FOUR MILLION SEVEN HUNDRED NINETY FIVE THOUSAND FOUR HUNDRED FIFTY SIX PESOS (PhP1,164,795,456.00) 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. (SGD.) JEREMIAS N. PAUL, JR. Undersecretary Department of Finance Presiding Officer-FIRB