Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1770)
The short title is the National Food Authority Act.
To promote the integrated growth and development of the food industry so it can maintain an adequate and continuous food supply and contribute properly to the economy, while being socially responsible.
It was reconstituted and transferred into the National Food Authority, a government corporation attached to the Office of the President.
It includes raw/fresh and/or manufactured/processed/packaged food products, expanding beyond the grains industry as per prior laws.
The Council includes the Minister of Human Settlements (Chairman), the Administrator of the National Food Authority (Vice-Chairman), the Ministers of Agriculture, Finance, Industry, Trade, the Governor of the Central Bank, the Chairmen of DBP, PNBank, Land Bank, and a Representative of the Office of the President.
The NFA can acquire ownership or invest in corporations, license and supervise food-related business activities, import/export food products, establish branches, engage in manufacture/processing of food, fix its internal organization and staff remunerations, and create a provident fund for employees.
Five billion pesos, divided into fifty million shares of one hundred pesos par value each, fully subscribed and paid by the national government, local government units, or other government-owned or controlled corporations.
These shall be recorded as paid-in capital when received as loans unless otherwise approved by the President to be recorded as subsidies.
Yes, when specifically approved by the President of the Philippines.
The President of the Republic of the Philippines appoints the Administrator who holds the rank of a Minister.