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National Assembly Introduces Bill to Stabilize Rice Prices

Written: 2023-01-30 16:50:48Updated: 2023-01-30 16:51:52

National Assembly Introduces Bill to Stabilize Rice Prices

Photo : KBS News

The National Assembly introduced a bill for discussion that would require the government to purchase excess rice at a certain threshold to manage the supply and demand of the staple grain.

At a plenary session on Monday, 157 voted in favor to introduce the bill with 6 against in an anonymous vote, but it was carried out without the members of the ruling People Power Party.

They walked out of the vote, protesting that the introduction of the bill was procedurally wrong. 

The amendment to the Grain Management Act requires the government to purchase rice when supply exceeds more than three percent of demand or when the price of rice during harvest falls by more than five percent on-year.

The vote to pass the amendment will be held at a later date.   

Those in support of the amendment cite its potential to stabilize the market price of rice and ensure food security, while those who oppose question the financial burden for the government and the long-term decline in rice prices that it may bring.

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