Don’t Panic

March 9, 2011

Mario B. Casayuran
March 9, 2011

The national government is considering the stockpiling of rice as a contingency measure to ensure food  security because of a feared food crisis arising from threats of spiraling price of crude oil triggered by the current Middle East conflict, Senator Francis Pangilinan, chairman of the Senate agriculture and food committee, said yesterday.

“Rice stockpiling is something that we raised, and they responded through the execeutive department that there should be a definite policy on stockpiling in the event a global crisis erupts, without necessarily resorting to panic. We just have to be ready,” said Pangilinan after conducting a hearing on food security.

Pangilinan said the Congressional Oversight Committee (COCAFM) is working with other agencies on setting contingency measures with regard to any adverse and abrupt impact of rising crude oil price.

Crude price is feared to reach the $150 per barrel leve;l as futures market already hit above the $110 per barrel level.