A Technical Working Group was formed by the Department of Agriculture (DA)with an aim of drafting rules and regulations that would be used for the Price Act concerning agricultural products.

Agriculture Secretary Francisco Tiu Laurel Jr. had issued Special Order No. 8 creating a TWG to prepare the IRR for Section 9 of the Price Act.

Under Section 9 of RA 7581 or the Price Act, it stated that the allocation of a buffer fund for the procurement, purchase, importation or stockpiling of basic necessities or prime commodities, and determine ways to distribute these items during times of shortages or if there is a need to influence market prices.

On the other hand, the Price Act has an aim of stabilizing the supply and prices of basic necessities and prime commodities.

This is to safeguard the consumers against unreasonable price hikes.

The said law also identifies that the DA has been tasked to be the lead agency to ensure the stability of prices for agricultural crops, fish and other marine products, fresh meat, fresh poultry, dairy products, fertilizers and other farm inputs during emergencies.

Likewise, the Agriculture Department said that the DA Assistant Secretary for Policy Research and Development Noel Padre will be the head of the eight-member TWG.

It also named Assistant Secretary for Regulations Atty. Paz Benavidez II as co-chairperson and director Jerome Bunyi, Officer-in-charge for Policy Research Service, was appointed vice chairperson.