QuestionsQuestions (PRESIDENTIAL DECREE NO. 1770)
It shall be known as the “National Food Authority Act.”
To promote integrated growth and development of the food industry so it can maintain an adequate and continuous food supply, act with social responsibility, and contribute to the economy.
The National Grains Authority is transferred into the National Food Authority (NFA), which is a government corporation attached to the Office of the President.
It includes, in addition to those in Section 2 of P.D. No. 4 as amended, raw/fresh and/or manufactured/processed/packaged food products.
The provisions of P.D. No. 4, as amended by P.D. Nos. 699 and 1485, govern the NFA and apply to other food commodities as determined by the NFA Council.
Includes the Minister of Human Settlements, Administrator of NFA, Minister of Agriculture, Minister of Finance, Minister of Industry, Minister of Trade, Governor of the Central Bank, Chairman of Development Bank of the Philippines, President of Philippine National Bank, President of Land Bank of the Philippines, and a Representative of the Office of the President.
Chairman is the Minister of Human Settlements; Vice-Chairman is the Administrator of the National Food Authority.
The Administrator is appointed by the President of the Philippines.
Regularly at least once a month, on any date determined by the Chairman; special meetings may be convened for urgent matters.
Among others: acquire/dispose of stock or bonds/obligations of corporations; register/license/supervise persons engaged in food-related activities and prescribe/collect fees (with Presidential approval); import/export food products/commodities and raw materials/equipment/facilities (with Presidential approval); establish branches/agencies; engage in production/manufacturing/processing/packaging (with Presidential approval); restructure internal organization and set remuneration subject to compensation laws; create a Provident Fund; and extend tax exemptions/privileges to subsidiaries when specifically approved by the President.
With the approval of the President of the Philippines upon recommendation of the Council.
Investments, loans, and related obligations incurred by Human Settlements Development Corporation in Food Terminal, Inc. are transferred to the NFA, with valuation approved by the President upon recommendation of the Commission on Audit; terms of payment for net assets are mutually agreed.
Five billion pesos authorized, divided into fifty million shares of par value of one hundred pesos each, wholly subscribed and paid by the national government, LGUs, or other government-owned/controlled corporations.
It shall be recorded on the NFA books as capital (equity) when received in the form of loans, unless otherwise approved by the President—then it may be recorded as subsidies.
The NFA is guaranteed by the government of the Philippines upon approval of the President of the Philippines.
They take effect fifteen (15) days after publication once in at least one daily newspaper of general circulation.