PBBM inks law amending Rice Tariffication Act

PTVPhilippines

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Transcript

00:00The rice tariffication law was a good piece of legislation made even better by fine-tuning it

00:06to be more productive and profitable over the long haul, especially for the farmers

00:11on whose hands rests the fate of the nation's food security. BTV's Clay Zell Partelia hashes

00:17over the details of the expected boost in productivity and profitability as a result

00:23of the amended RTL. To boost rice production and lower prices,

00:30President Ferdinand R. Marcos Jr. has signed into law the amendments to the rice tariffication law.

00:37Under Republic Act 12078, the validity of the Rice Competitiveness Enhancement Fund

00:44has been extended until 2031. The fund was originally set to expire in 2024.

00:50The RSF allocation has also been increased from P10 billion to P30 billion.

00:56The fund will be used for the distribution of free high-yield seeds, financial assistance,

01:01and irrigation support for farmers. This law empowers our farmers to thrive

01:06and to help our country secure a stable food supply. By increasing investments in agriculture,

01:13providing more resources, and creating a more competitive rice industry,

01:18we are laying the groundwork for a stronger, more self-sufficient Philippines.

01:24A significant portion will be allocated for farm machinery distribution to help address

01:30post-harvest losses. By preventing up to 375,000 tons of milled rice from being wasted annually,

01:39we can help feed an additional 3.4 million Filipinos each year for the next six years,

01:46improving food security, making rice more accessible to everyone.

01:50The Department of Agriculture is confident the new law will lower rice prices.

02:20The law also aims to prevent supply shortages and excessive price increases.

02:27The DA will now be empowered to take the necessary actions to stabilize the market.

02:34This will help ensure that the price of rice remains affordable and accessible to every

02:39Filipino. It grants the President and the Department of Agriculture the authority to

02:44import limited rice supplies when necessary. The Bureau of Plant Industry has been given

02:49regulatory powers to inspect rice warehouses. A national database will also be created to

02:55monitor the country's rice supply. The Samahang Industriya ng Agrikultura welcomes the national

03:01database, saying it will help determine the needed volume of rice imports. However, they are calling

03:07for the restoration of the import tariff on rice from the current 15% to 35%. According to the

03:13group, this adjustment will allow more farmers to benefit from the new law.

03:43The retail price can be adjusted to a lower price.

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