Sun.Star Pampanga - - STORIES! -


law into the muddy field of the coun­try’s rice in­dus­try.

It lib­er­ated rice im­por­ta­tion by removing quan­ti­ta­tive re­stric­tions (QR), while im­porters pay a tar­iff of 35 per­cent for stocks from Asean mem­bers, and 50 per­cent from oth­ers.

The law (Repub­lic Act 11203) ded­i­cates the tar­iff earn­ings to gen­er­ate the Rice Com­pet­i­tive­ness En­hance­ment Fund (RCEF) at P10 bil­lion in the next six years. All of that cash will be used to im­prove the coun­try’s rice in­dus­try, in a man­ner deemed con­sul­ta­tive as stake­hold­ers, in­clud­ing govern­ment agen­cies such as the De­part­ment of Agriculture, and the Na­tional Eco­nomic and Devel­op­ment Au­thor­ity, will have to sit down and for­mu­late the Rice In­dus­try Roadmap.

At the end of the six-year im­ple­men­ta­tion, a manda­tory re­view shall be made by an over­sight com­mit­tee to see if the whole scheme would be worth con­tin­u­ing or re­vis­ing.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.