P5-B CUSHION

This program is complementary to the Rice Tariffication Law’s Rice Competitiveness Enhancement Fund

Manila — Budget Secretary Benjamin E. Diokno said that P5 billion has already been released under the 2018 national budget to protect farmers from the possible adverse effects of the lifting of the Minimum Access Volume (MAV) on rice. Last December 2018, a Special Allotment Release Order (SARO) amounting to P5 billion was released to the Department of Agriculture (DA) for the National Rice Program, the administration’s economic team announced in a joint statement on Thursday.

This program is complementary to the Rice Tariffication Law’s Rice Competitiveness Enhancement Fund (RCEF), a P10-billion fund that will help farmers transition to a new rice regime. According to Diokno, “we are listening very carefully to the concerns of our farmers. Some are worried that the RCEF is an unprogrammed fund, which can only be released once there is excess revenue. We will make sure that a minimum of P10 billion is made available for the RCEF per year in farmer support programs even if tariff collections are less than expected.”

“P5 billion was released in December 2018 to help protect farmers through the National Rice Program. Another P10 billion will be released through the RCEF once excess revenue collection is realized from the tariffs on rice imports,” National Economic Development Authority (NEDA) Secretary Ernesto M. Pernia said.

RCEF will be used to provide farmers tools and equipment, assistance in the production, promotion, and distribution of certified rice seeds, upgrading of post-harvest storage facilities, credit assistance, irrigation support, and R&D support.

P5 billion was released in December 2018 to help protect farmers through the National Rice Program. Another P10 billion will be released through the RCEF once excess revenue collection is realized from the tariffs on rice imports.” ERNESTO M. PERNIA Neda Secretary