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THE bill amending the existing Rice Tariffication Law (Republic Act 11203) is now awaiting the signature of President Ferdinand Marcos Jr.

This after the House of Representatives and the Senate separately ratified the bicameral conference committee report on Wednesday, just before adjourning for their scheduled recess until November 4. With both chambers having already ratified the measure, it is now ready to be sent to Malacañang for the President’s approval to officially become law.

The proposed amendments aim to extend the Rice Competitiveness Enhancement Fund (RCEF) for another six years, until 2031, as it was originally set to expire this year. The annual budget for the fund will also be increased from P10 billion to P30 billion.

THE bill amending the existing Rice Tariffication Law (Republic Act 11203) is now awaiting the signature of President Ferdinand Marcos Jr.

This after the House of Representatives and the Senate separately ratified the bicameral conference committee report on Wednesday, just before adjourning for their scheduled recess until November 4. With both chambers having already ratified the measure, it is now ready to be sent to Malacañang for the President’s approval to officially become law.

The proposed amendments aim to extend the Rice Competitiveness Enhancement Fund (RCEF) for another six years, until 2031, as it was originally set to expire this year. The annual budget for the fund will also be increased from P10 billion to P30 billion.

The bill outlines the allocation of the P30-billion RCEF as follows:

P9 billion for rice farm machinery and equipment; P6 billion for rice seed development, propagation, and promotion; and P15 billion for programs, activities, and projects that will enhance farmers’ productivity, strengthen supply resiliency, and address food security emergencies caused by supply shortages or sudden increases in rice prices.

The amendatory bill further clarifies that the sale of the National Food Authority’s (NFA) existing rice buffer stock will only be made to government agencies or entities such as the Department of Social Welfare and Development (DSWD), the Office of Civil Defense-National Disaster Risk Reduction and Management Council (OCD-NDRRMC), local government units, and Kadiwa outlets.

Under the bill, the Department of Agriculture (DA) is required to maintain a buffer fund for rice security emergencies. For this purpose, P5 billion from any current unutilized portion of the DA’s budget will not revert to the National Treasury but will be credited to the buffer fund. Additionally, any excess in annual tariff collections from rice imports up to P2 billion will also be credited to this fund.

In case of an imminent or forecasted shortage or other situations requiring government intervention, the President is empowered to authorize the importation of rice at a lower tariff rate for a limited time or specific volume. This authority can only be exercised when Congress is not in session and will take effect immediately.

On the other hand, if there is an oversupply of imported or locally produced rice that causes a significant drop in local prices, the President may suspend or limit further importation until supply and prices stabilize.

The measure also mandates that the NFA maintain an optimal rice buffer stock, which will be sourced exclusively from local farmers. Additionally, the DA Secretary can declare a food security emergency in cases of rice shortages or sustained price hikes.

Speaker Ferdinand Martin G. Romualdez said amending the Rice Tariffication Law is a crucial step towards ensuring food security and economic stability for Filipino farmers.

“We are committed to making quality rice affordable for all Filipinos while boosting the livelihoods of our local farmers,” he added.

In the Senate, the chair of the Agriculture committee who shepherded both the original and amendatory RTL measures, Sen. Cynthia Villar, thanked her colleagues, for their frank and insightful inputs in tweaking the law so that it better serves the constituents it originally targeted.

Source : businessmirror