Question & AnswerQ&A (EXECUTIVE ORDER NO. 128)
The National Rice and Corn Corporation is mandated to buy surplus palay and corn from government producers under EO No. 128.
The order applies to all government entities, bureaus, agencies, and instrumentalities that produce palay and corn.
They are required to sell their surplus production of palay and corn to the National Rice and Corn Corporation at prevailing government prices.
It performs the function of stabilizing the prices of palay and corn by buying the said products from farmers, planters, and government producers.
'Prevailing government prices' refers to the prices set or recognized by the government for palay and corn purchases at the time of the transaction.
No, EO No. 128 specifically applies only to government entities producing palay and corn.
EO No. 128 does not explicitly mention penalties for non-compliance within the text provided.