OVERNMENT sows a
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.