P7 billion sought for Rice Competitiveness Enhancement Fund
(INQUIRER file photo / ERWIN MASCARIÑAS)
MANILA, Philippines — Senator Cynthia Villar on Monday said that she will ask the Department of Agriculture and the Senate mother committee for P7 billion to finance the Rice Competitiveness Enhancement Fund (RECF) under the proposed 2025 DA budget.
“I will ask the DA and the mother committee to give me [P]7 billion to finance the Rice Competitiveness Enhancement Fund because they brought the tariff on rice from 35 percent to 15 percent,” Villar, chairperson of the Senate subcommittee on finance, said.
Republic Act No. 11203, or the Rice Tariffication Law, created the RCEF which seeks to improve the income and productivity of farmers and provide assistance through farm machinery, seed developments, credit, and extension service.
“Because of that we might only be able to collect [P]15 billion and we need [P]30 billion so there is an excess this year,” Villar added.
The senator also noted that P10 billion for RCEF and P8 billion of financial assistance to rice farmers owning two hectares of land and below will be spent this year.
Article continues after this advertisement“So there is a shortage of P7 billion so I want the DA to put that in the budget so we will have [P]30 billion next year for the Rice Competitiveness Enhancement Fund,” Villar said.
Article continues after this advertisementSenate Bill No. 2779 and House Bill No. 10381 that seeks to amend the Agricultural Tariffication Act aim to increase to P30 billion under the new proposed RCEF fund. It also seeks to extend the validity of the program which will end in 2025.
The Senate subcommittee on finance approved on Monday the proposed 2025 budget of the DA.
The total budget to be presented to the plenary is P178.273 billion.
