Price Stabilization Program for Palay, Rice, and Corn

Government will purchase palay, rice, and corn directly from farmers at fair prices to encourage intensified and scientific production.
Government may sell these commodities to consumers at affordable prices, even at a loss if necessary, to ensure accessibility.
The President invokes constitutional and legal powers to adopt this price stabilization program.

A specialized committee, named the Presidential Rice and Corn Committee, is established to implement the program.
The Committee has plenary powers, rights, and authority sanctioned by law to ensure program success.
Composition includes a Chairman and two members appointed by the President.
The Committee can draw necessary personnel and resources from the Office of the President and other government agencies.

Fix and announce farmgate prices for palay, rice, and corn, ensuring fair returns and decent living standards for producers.
Fix and announce consumer prices for these commodities, ensuring affordability to the masses regardless of government loss.
Designate government agencies or instrumentalities as agents for purchasing and selling the commodities.
Regulate purchasing procedures, storage locations, and financing mechanisms for procurement.
Regulate distribution and sale strategies to ensure effective delivery to consumers.
Coordinate, supervise, direct, and control activities of all government agencies involved in rice and corn production, procurement, and distribution.
Work with private entities to incentivize increased and scientific production.
Issue necessary rules and regulations to effectively implement and enforce the price stabilization program.

The Committee has broad authority to carry out its mandate and is empowered to use all necessary government resources.
The program reflects a balance between protecting consumer interests and supporting agricultural producers.
The price stabilization approach explicitly allows for government subsidies or sales below cost for public welfare.
Centralized coordination aims to remedy the inadequacies of prior decentralized efforts to manage staple prices and supply.

Issued by the President of the Philippines in Manila on January 25, 1962.
Formalizes government's policy to stabilize staple food prices for socioeconomic stability and agricultural development.
Legal foundation grounded in constitutional powers vested in the presidency and existing Philippine laws.