MANILA, Philippines — The Senate approved the bicameral conference committee report on the bill to amend the existing Rice Tariffication Law, Republic Act (RA) 11203.
During the Senate’s plenary session on Wednesday, Sen. Cynthia Villar highlighted the key points from the bicameral conference committee report on the differing provisions of Senate Bill (SB) 2779 and House Bill (HB) 10381. These bills amend the Agricultural Tariffication Law and extend the Rice Competitiveness Enhancement Fund.
“I am delighted to announce the successful conclusion of the bicameral conference. The conference has agreed to adopt the Senate version as the working draft for our discussions. The modifications in the working draft, as outlined in the joint explanatory statement, accurately reflect the content of the bicameral consolidated bill,” said Villar.
Villar moved to approve and ratify the report, which Senate Deputy Majority Leader JV Ejercito promptly seconded. The bicameral report also received approval and ratification in the House of Representatives.
In the proposal, the rice competitiveness enhancement fund, which was supposed to end this year, will be extended for another six years or until 2031, and its fund will be increased to P30 billion per year from the current P10 billion.
The fund will come from the tax levied on rice imports. It will purchase machinery and equipment for modern and faster rice planting and harvesting, buy good rice seeds, and train farmers.
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