Question & AnswerQ&A (EXECUTIVE ORDER NO. 128)
The National Rice and Corn Corporation is the government corporation involved, performing the function of stabilizing the prices of palay and corn.
All government entities, bureaus, agencies, and instrumentalities producing palay and corn are required to comply by selling their surplus production to the National Rice and Corn Corporation.
The goods covered are palay and corn produced by government entities, bureaus, agencies, and instrumentalities.
The surplus palay and corn must be sold at prevailing government prices.
The role of the National Rice and Corn Corporation is to stabilize the prices of palay and corn by buying these commodities from farmers, planters, and government producers throughout the country.
The enforcement is based on the powers vested in the President of the Philippines by law, as exercised by President Ramon Magsaysay.
No, Executive Order No. 128 does not specify any penalties for non-compliance within the text provided.
The significance is to centralize surplus purchase, thereby helping to stabilize market prices and avoid price fluctuations in palay and corn, which can affect food security and the agricultural economy.