The President’s directive to use excess rice tariff collections to help farmers will not only ensure a stable supply of the grain at affordable prices but will also reduce the country’s dependency on rice imports, Speaker Martin Romualdez said.
“The excess collections from rice tariffs channeled into supporting our rice farmers will enable them to access modern farming technologies, improve their agricultural practices, and ultimately increase their productivity,” Romualdez said in a statement Tuesday.
“Moreover, this initiative will foster resilience within our agricultural sector, ensuring that we continue to meet our domestic rice requirements and reduce our dependence on rice imports,” he added.
Mr. Marcos earlier ordered the Department of Agriculture to use excess rice tariff collection beyond the P10 billion requirement to provide additional assistance to farmers, such as drying, mechanization, and other equipment to enhance their productivity.
Romualdez said the House would also provide around P40 billion in additional funding for irrigation projects under the 2024 national budget to support the President’s mission to increase agricultural production in the country.
The use of excess RCEF collections is the latest in a series of initiatives by the President to help rice farmers and bring food prices down.
The National Food Authority Council earlier increased NFA’s buying prices of palay.
The President also approved the release of P12.7 billion in financial assistance for 2.3 million small rice farmers and issued an executive order prohibiting local governments from collecting toll fees and charges to all vehicles transporting goods or merchandise while passing through national roads and other thoroughfares to lessen transportation and logistics costs.