Rice Tariffication Law Earns P46.6B For Gov't

In the first three years of its implementation, the law liberalizing rice trading has earned a total of P46.6 billion in rice import duties, which directly benefited palay farmers through a P10-billion annual fund created to finance programs that will sharpen their global competitiveness by way of farm mechanization, high-quality seeds, access to credit and training.

Photo Insert: The RTL ensures that farmers directly benefit from the liberalization of rice trading by providing at least P10 billion a year to the RCEF up to 2024.

Under Republic Act (RA) No. 11203 or the Rice Tariffication Law (RTL), tariffs collected from rice imports go to the Rice Competitiveness Enhancement Fund (RCEF). Collections in excess of the P10 billion fund go to the Rice Farmer Financial Assistance or RFFA. The law took effect on March 5, 2019.

The RTL ensures that farmers directly benefit from the liberalization of rice trading by providing at least P10 billion a year to the RCEF up to 2024.

“This law is an opportunity to revolutionize the agriculture sector and help our farmers become more competitive in the global economy,” Finance Secretary Carlos Dominguez III, a former Agriculture Secretary, said.

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