DOF, tiwalang lalakas ang turismo at tatatag ang food security sa paglagda ni PBBM sa dalawang mahahalagang batas
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NewsTranscript
00:00The Department of Finance is hoping that tourism will strengthen and food security will be more stable.
00:06The President Ferdinand R. Marcos, Jr. passed two important laws.
00:11One of them is the Republic Act 12079 or the Value-Added Tax Refund Mechanism for Non-Resident Tourist Act.
00:19According to Finance Secretary Ralph Recto, this initiative will require more work,
00:26increase income, and accelerate the economy.
00:30This will be a way for the Philippines to meet global standards
00:34where tourists can spend more in the country
00:39because they can get VAT refunds from local products.
00:43While the RA 12078 is to amend the Agricultural Tariffication Act
00:50that will strengthen the price of rice and support hoarding.
00:54The Agriculture Department will also raise Php 30 billion per year for the Rice Competitiveness Enhancement Fund or RCEF
01:02until the year 2031.
01:05Secretary Recto explained that with the help of these programs,
01:08the output of the country's economy will increase from Php 2.8 billion to Php 4 billion in the coming years.