The Senate on Monday unanimously approved on third and final reading a bill amending Republic Act 8178 or the Agricultural Tariffication Act.
With 23-0-0 votes, Senate Bill 2779 seeks to amend the provision on the Rice Competitiveness Enhancement Fund (RCEF) by extending its existence until 2031 and by increasing the annual appropriation for the fund from P10 billion to P30 billion.
The P30 billion will be used to fund farm machinery and equipment; propagation, distribution and promotion of high quality inbred rice seed; financial assistance to farmers and their training; and irrigation and composting facilities projects.
During the Senate session, Senator Risa Hontiveros said raising the funds to P30 billion is a “necessary antidote” from the decrease of the rice tariff.
Under Executive Order 62, the tariff rate for imported rice decreased to 15% from the previous 35% until 2028.
As per the same bill, the Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM) is tasked to conduct a periodic review of the RCEF.
Meanwhile, the Philippine Institute for Development was tasked to conduct an independent mid-term and end-term evaluation of the measure to assess its effectiveness, and will submit the results to the COCAFM.
The bill also requires the Department of Agriculture (DA) Bureau of Plant Industry to conduct regular inspections and collect data on all grain warehouses.
It also empowers the DA secretary to declare a food security emergency on rice due to supply shortages or extraordinary increases in rice prices.
The measure also gives the President the power to discontinue or prohibit further importation or specify the volume to be imported during excessive supply of both imported and locally produced rice in the market, for a specific period and volume.
Meanwhile, the National Food Authority is also tasked to dispose of the aging buffer stock a month before it expires.
The House version of the bill was approved in May. —Mariel Celine Serquiña/RF, GMA Integrated News
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