WHEREAS, pursuant to Presidential Decree No. 4, as amended, the NFA is empowered to promulgate rules and regulations to effectively enforce its regulatory powers and instill discipline in the grains industry.

WHEREAS, there is a need to protect the people from unscrupulous grains businessmen who manipulate the supply and prices of rice and corn to the detriment of the buying public.

NOW, for and in consideration of the foregoing premises, the Council hereby confirms the letter-circular on the Prohibited Acts in the Distribution and Sale of Rice and Corn issued by Administrator Romeo G. David on July 1, 1993.

Adopted: 20 July 1993

(Sgd.) ROBERTO S. SEBASTIAN Chairman Department of Agriculture
(Sgd.) ROMEO G. DAVID National Food Authority	(Sgd.) ROBERTO F. DE OCAMPO Development Bank of the Phils.
(Sgd.) JESLI A. LAPUS Land Bank of the Phils.	(Sgd.) MANUEL V. SOLIVEN Philippine National Bank
(Sgd.) JUANITA D. AMATONG Department of Finance	(Sgd.) IMELDA J. MADARANG Department of Trade & Industry
(Sgd.) FELICIANO MIRANDA Bangko Sentral ng Pilipinas	(Sgd.) ANGEL SALDIVAR Office of the President