Tens of thousands of rice farmers have availed of the P5,000 unconditional cash assistance pledged by President Ferdinand Marcos, Jr., with many more expected to withdraw their share of the P12-billion Rice Farmers Financial Assistance (RFFA) Program.
As of Dec. 27, 2023, 44,719 farmers tilling two hectares or less have, so far, benefited from the cash assistance earmarked by the Department of Agriculture (DA) for an estimated 2.4 million farmers.
The DA has tapped the Development Bank of the Philippines to distribute the funds. The state-owned bank, in turn, engaged homegrown fintech firm USSC, formerly RCPI, to use its over 850 stores nationwide as well as ATMs owned by other banks and other non-bank entities under BancNet for the cash grants distribution.
USSC said of the target 2.38 million beneficiaries, a total of 499,381 were enlisted only this year.
Jonathan Relucio, chief of branches at USSC, said they expect more withdrawals before New Year and in the first week of January.
Regions with the highest withdrawals of RFFA grants were CAR, CARAGA, and MIMAROPA.
Marcos approved the P12-billion financial package release to rice farmer-beneficiaries to “help them cope with the increasing cost of production and sustain their productivity even in the face of challenges like the coming El Niño.”
The RFFA is unconditional financial assistance to farmers funded by excess tariff collection from rice importations in 2022 that totals P12 billion. The 2023 RFFA beneficiaries include farmers registered in the Registry System for Basic Sectors in Agriculture as of June 30, 2023.
As an unconditional cash grant, beneficiaries can use the amount for daily subsistence and personal needs.