ISLAMABAD 

The Philippines has declared a food security emergency to bring down rice prices in the country, which have remained high, local media reported Tuesday.

Agriculture Secretary Francisco Tiu Laurel Jr. said it would help the government release buffer stocks to stabilize retail prices, according to The Manila Times.

"This emergency declaration allows us to release rice buffer stocks held by the National Food Authority (NFA) to stabilize prices and ensure that rice, a staple food for millions of Filipinos, remains accessible to consumers," he said.

The Philippines is among the world’s largest rice importers. However last year, rice prices increased by around 20%.

Authorities declared the emergency based on the recommendations of the National Price Coordinating Council over its observation of price increases despite a reduction in the tariff on imported rice from 35% to 15% in July last year.

The Rice Tariffication Law restricts the NFA from selling rice directly to the public, but it allows the agriculture secretary to declare an emergency and release buffer stocks.

Currently the NFA has about 300,000 metric tons of buffer stocks, and the agency plans to release half of these over the next six months, according to the report.